PARIS (Pakistan Point News / Sputnik - 15th July, 2020) The French Government will allocate 40 billion Euros ($45 billion) in support of the country's industry as part of the economic recovery plan amid the COVID-19 pandemic, Prime Minister Jean Castex said on Wednesday.
"Our industry is weakened ... Today we are too dependent on external partners and underrepresented in some strategic sectors. As part of the recovery plan, we will allocate 40 billion euros to change this," Castex said during an address to lawmakers.
The prime minister added that the recovery plan also envisions 20 billion euros for ecological projects, including reduction of emissions into the atmosphere and support of green technologies.
The global health crises and the related lockdown have prompted France's economy to plunge into a major recession with the country's GDP expected to fall by 11 percent this year.
