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Sale of French state assets to fund innovation

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The Story

French Prime Minister Edouard Philippe announced on September 3 that France will sell off state assets to help raise billions of euros to finance innovation.

“In a few weeks’ time I am going to announce that we will privatise certain companies to raise money to finance innovation,” the economy minister told a business conference in Italy.

As reported by RFI online, President Emmanuel Macron has promised to raise €10bn for a fund to finance innovation, partly from profits from state assets but also possibly from privatisation.

Among the companies that are expected to be sold off is national lottery company, La Française des Jeux, which had a €14.3bn turnover in 2016.

In a separate interview with the Journal du Dimanche paper, Philippe welcomed the fact that only one major union federation is fighting the labour reform that is being introduced by a form of decree but added that its success will be “not be measured against the union but against unemployment”, which the government claims will be reduced by the changes.

Source: Sale of French state assets to fund innovation

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