ANNOUNCEMENT 27 May 2021

On 27 May 2021, the EIB provided financing worth EUR 60 million (USD 73 million).

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising
Inception date: 27 May 2021 | Removal date: open ended

State loan

On 27 May 2021, the European Investment Bank (EIB) and Bpifrance Investissement signed an agreement worth EUR 60 million (approx. USD 73 million) for the project France Investissement Tourisme 2 from France. The total cost of the project is estimated at EUR 240 million.

According to the project description issued by the EIB, France Investissement Tourisme 2 is an equity / quasi-equity fund managed by Bpifrance Investissement targeting French SMEs and small midcaps in the tourism sector. Since the Covid-19 breakout, tourism operators face a lack of own resources (all types of junior finance) entailing financial instability and difficulties for investing. The fund will provide support to about 100 SMEs / small midcaps between 2020 and 2023. This operation consists in a EUR 60m commitment to the fund, and it benefits f.

The objective of the project is defined as following: France Investissement Tourisme 2 is an initiative of Bpifrance Investissement taken in response to the COVID-19 crisis and focusing on tourism investments. FIT2 aims at reaching a target size of EUR 240m. It aims to provide financial support to about 100 tourism operators (SMEs and small mid-caps) lacking the own resources and financial stability to access the necessary funding in order to upgrade or expand their business, even more so after the outbreak of the COVID-19 crisis. Bpifrance Investissement will typically target enterprises with solid fundamentals, which have been impacted negatively by the COVID-19 crisis, and follow three objectives: (i) support their recovery with equity / quasi-equity funding, (ii) help their transformational efforts to invest and innovate towards tomorrows forms of tourism comprising sustainable and greener approaches, smarter and digitalised processes, resource-efficient renovations etc. and (iii) contribute to the emergence of larger and more resilient players through organic and external growth..

A state act in the GTA database is assessed solely in terms of the extent to which its implementation affects foreign commercial interests. On this metric, the investment support granted here is discriminatory.

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