AXA allocates Euro 2 billion to French Recovery Participatory Loan scheme
April 26, 2021
published at 8:45 AM CEST
AXA today announces a Euro 2 billion allocation to the Prêts Participatifs Relance to strengthen SME capital in France.
This scheme, deployed in coordination with the French Insurance Federation (FFA) and a network of partner banks, aims to provide up to Euro 14 billion in participative loans by June 2022 to French companies affected by the crisis linked to the Covid-19. Guaranteed to 30% by the State, these participative loans meet insurer investment criteria and constitute a suitable investment to finance the economic recovery.
The loans will help strengthen the balance sheet and finance the growth of nearly 12,000 SMEs in all sectors of the French economy. They will be granted to beneficiaries under simpler terms and at attractive rates.
This initiative complements AXA's previous commitments to financing the economy, such as the Euro 500 million mandate given to the CAPZA Expansion fund to support French SMEs. Deployed since July 2020, this mechanism helps strengthen the capital of companies affected by the health crisis and offers them targeted support to continue their development.
Thomas Buberl
Chief Executive Officer of AXA
As a leading insurer, AXA is committed to meeting the protection needs of its policyholders and investing in the economy. Throughout the health crisis, AXA has used its solidity to serve all of its stakeholders to fulfill these two essential responsibilities. With this new commitment, we are pleased to actively contribute, alongside the government, insurers and banks, to strengthening the capital of French SMEs and helping them to seize post-Covid opportunities, while supporting the economic recovery.
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