France: New state-backed public investment bank on the map to help spur economic growth

France is creating a new government-backed investment bank that will aim to spur economic growth by lending to small and medium-sized enterprises. Jean-Pierre Jouyet, the head of French state-owned financial institution CDC, has been named chairman of the new investment bank, known by its French intials BPI...... Prime Minister Jean-Marc Ayrault said Wednesday the bank will marshal €30 billion ($39 billion), largely from existing sources, to finance loans, investments and guarantees. The BPI, to be owned 50-50 by the government and the CDC, will regroup under one roof existing agencies and funds with the aim of better co-ordinating their activity…......................................................................... Read more about it at http://www.edmontonjournal.com/business/economy/France+create+statebacked+investment+bank+help+spur/7403711/story.html