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Crédit Agricole Leasing & Factoring has received a €150M line of credit from the Council of Europe Development Bank in support of projects initiated by local authorities
The line of credit was granted following the signature of an agreement between Crédit Agricole S.A. and the Council of Europe Development Bank on May 18, 2011. It will enable Crédit Agricole Leasing & Factoring (CAL&F) to offer local authorities €150M to assist with projects in health, education and the environment.
This follows one of the principal aims of the Crédit Agricole group project, the goal of which is to participate actively in the development and the vitality of the regions by prioritising social investments by local authorities.
Financing projects by local authorities in three priority areas
The line of credit will enable Crédit Agricole Leasing & Factoring to provide subsidised loans to regional authorities for investment projects in three priority areas:
- Health: the construction or restoration of retirement homes with medical care and the purchase of material and equipment.
- Environment: public infrastructure projects that include an aspect of energy efficiency
- Education: the construction or restoration of schools and universities, including accessibility
€37.5M for three initial projects
An initial loan of €37.5M was allocated for the construction of two new secondary schools in Moselle, a home for elderly dependants in Panissières (department of the Loire) and an energy station for the Hospital in Toulouse. Crédit Agricole de Lorraine, Crédit Agricole Loire Haute-Loire and Crédit Agricole Toulouse 31 are also participating with CAL&F as financing partners.