France will unlock an unprecedented 18 billion euros ($19 billion) in aid to rescue its virus-hit tourism sector, Prime Minister Edouard Philippe announced Thursday
PARIS (Pakistan Point News / Sputnik - 14th May, 2020) France will unlock an unprecedented 18 billion Euros ($19 billion) in aid to rescue its virus-hit tourism sector, Prime Minister Edouard Philippe announced Thursday.
"It is a commitment of more than 18 billion euros in public financing. It is unprecedented, it is massive, it is necessary," he said during a press conference.
Some 1.3 billion euros will come in direct public investment by national banks, generating private investment to the tune of almost 6 billion.
The French government estimates that the country was visited by almost 90 million foreigners last year, making it the world's most popular tourist destination. Tourism accounts for 8 percent of France's gross domestic product and 2 million jobs.
"Tourism faces probably the worst challenge in modern history... That's why its salvation is a national priority," Philippe said, adding that "whatever hits tourism hits at the heart of France."
France began easing lockdown on Monday, but hotels, cafes and restaurants remain closed. The government hopes to reopen eateries in least affected "green zones" starting June 2 if the downward trend in infections continues.
