France readying multi-billion euro loans for Air France, Renault

A 7 billion euro package is planned for Air France.
A 7 billion euro package is planned for Air France.PHOTO: REUTERS

PARIS (AFP) - France is readying a historic package of multi-billion euro loans to help carmaker Renault and flag-carrier Air France through the crisis caused by the coronavirus, Finance Minister Bruno Le Maire said on Friday (April 24).

For Air France, a 7 billion euro (S$11 billion) package is planned, made up of 4 billion euros in bank loans guaranteed by the state and a 3 billion euro loan direct from the state, he told TF1 television.

For Renault, a 5 billion euro bank loan package guaranteed by the state is being worked on, he said.

The French state retains shareholdings in both Renault and Air France.