France launches EUR20bn sovereign wealth fund
France has launched a EUR20bn strategic investment fund. President Sarkozy has stated that the fund will be used to protect key "strategic" French industries. The fund allocation will be overseen by La Caisse des Depots et Consignations. A first investment of EUR80m will go to Daher, an industrial supplier for the aerospace, defence, nuclear and automotive industries. If proved successful, the fund is likely to increase in size.
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