French Finance Minister Pierre Moscovici says in an advance copy of a newspaper interview there will be fresh sources of financing behind President Francois Hollande's pledge to craft a new investment strategy to support the French economy.
"There will be a new step and new financing," Mr. Moscovici says in the advance copy of an interview to appear in Friday's edition of French daily Les Echos.
Mr. Hollande said earlier Thursday in his New Year's wishes to the French government the investment strategy will be focused on key areas including industry, energy, housing, health, higher education, technology and research.
The plans will be made possible thanks to a high level of savings in France and all available funds will be channeled in this direction, Mr. Hollande said, without being more specific.
In the Les Echos interview, Mr. Moscovici also says France will benefit from EUR7 billion ($9.1 billion) of financing from the European Investment Bank over three years, twice the previous amount.
He doesn't provide further details in the interview of the amount of financing for the new investment strategy pledged by Mr. Hollande, or where it will come from.
The finance minister also reiterates France's growth forecast of 0.8% gross-domestic-product expansion in 2013 in the interview, and a budget deficit target of 3% of GDP.
The European Commission has forecast only 0.4% GDP growth in 2013 and a deficit at 3.5% of GDP. "France must continue its effort to cut the deficit without faltering," he says in the interview.
"I say that because our credibility is essential if we want to have growth and create jobs."
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"There will be a new step and new financing," Mr. Moscovici says in the advance copy of an interview to appear in Friday's edition of French daily Les Echos.
Mr. Hollande said earlier Thursday in his New Year's wishes to the French government the investment strategy will be focused on key areas including industry, energy, housing, health, higher education, technology and research.
The plans will be made possible thanks to a high level of savings in France and all available funds will be channeled in this direction, Mr. Hollande said, without being more specific.
In the Les Echos interview, Mr. Moscovici also says France will benefit from EUR7 billion ($9.1 billion) of financing from the European Investment Bank over three years, twice the previous amount.
He doesn't provide further details in the interview of the amount of financing for the new investment strategy pledged by Mr. Hollande, or where it will come from.
The finance minister also reiterates France's growth forecast of 0.8% gross-domestic-product expansion in 2013 in the interview, and a budget deficit target of 3% of GDP.
The European Commission has forecast only 0.4% GDP growth in 2013 and a deficit at 3.5% of GDP. "France must continue its effort to cut the deficit without faltering," he says in the interview.
"I say that because our credibility is essential if we want to have growth and create jobs."
nasdaq.com
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