12.07.2018 – 12:28
Joint press release: Bpifrance, Caisse des Dépôts et KfW conclude memoranda of understanding for extended cooperation
Wednesday evening, Bpifrance, Caisse des Dépôts and KfW, in the presence of French Minister of Economy Bruno Le Maire and German Minister of Economy Peter Altmaier, have signed an agreement, open for further European partners, to cooperate more closely. KfW and the French Caisse des Dépôts and Bpifrance have affirmed their intention to cooperate more closely in future and concluded bilateral Memoranda of Understanding for this purpose. In the agreements, the partners communicate the framework for their cooperation. These include the areas of collaboration, implementation of joint projects, common efforts in the context of EU initiatives or the exchange of information and staff. The agreement is non-exclusive and is open for further European partners.
Caisse des Dépôts and its subsidiaries form a public long-term investor group serving the general interest and economic development of local areas Bpifrance supports start-ups, small and medium-sized companies as well as Mid-Caps with equity and debt. As a promotional bank, KfW Group supports change and encourages forward-looking ideas in Germany, Europe and throughout the world. KfW is also working on a corresponding agreement with French development bank AFD (Agence Francaise de Développement), which is active in financial cooperation with developing countries and emerging economies.
KfW's Chief Executive Officer, Dr Günther Bräunig, states on the occasion of the framework agreement's signing: "The joint projects are what really brings Europe forward. We would also like to extend an invitation to other European partners to do the same. Our cooperation is a good example of how Europe can be successful when partners contribute their respective strengths and focus on common goals for mutual success."
Bpifrance's CEO, Nicolas Dufourcq declares: "This cooperation, in line with the Meseberg Declaration, will help in particular the emergence of European players in Deep Tech by mobilizing up to one billion euro of public and private Investors to German and French start-ups scaling-up in the two countries".
Eric Lombard, CEO Caisse des Dépôts underlined: "Signing this MOU is an important step forward for our institution, it will be a key asset to articulate our own transformation process with the Banque des Territoires and bilateral and European levels."
KfW, CDC and Bpifrance have already been working together at a European level for years. For example, KfW and CDC have invested in the European Marguerite infrastructure fund. KfW and Bpifrance are working on projects such as the development of venture capital markets in France and Germany and the two banks jointly invest in cross-border funds dedicated to technologies (e.g. biotechnologies, environmental technologies, MedTec, LifeScience, etc. or to the digital field. KfW, CDC, Bpifrance, AFD and the Italian promotional bank CDP maintain a joint EU Liaison Office in Brussels.
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Original content of: KfW, transmitted by news aktuell