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France, China bank create fund to invest in small, medium firms

PARIS -- French state-owned bank Caisse des depots and China Development Bank said Thursday they have created a 150-million-euro (US$189 million) fund to take minority stakes in French and Chinese small- and medium-sized firms.

“The Chinese have agreed to take equal stake in a fund under the French law and denominated in euros,” Jean-Pierre Jouyet, Caisse des depots chairman, in an interview with Les Echos newspaper.

The fund would “take minority interests half in French SMEs that are developing their Chinese market and the other half in Chinese SME that are development in France,” he added, calling the partnership “highly symbolic.”

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