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France pledges 8.0 billion euros to Juncker growth plan

AFP
French president Francois Hollande looks on during a statement with the prime minister of Luxembourg, as part of an official visit in Luxemburg on March 6, 2015

France will commit 8.0 billion euros ($8.7 billion) as part of European Commission President Jean-Claude Juncker's plan to boost economic growth, President Francois Hollande said.

"To create an effect of leverage, the Juncker plan must attract other contributions -- public contributions and private contributions -- and I have announced that France, through the Caisse des depots and the Public Investment Bank, will put in eight billion euros," Hollande said on a visit to Luxembourg.

EU leaders last December approved the broad outline of Juncker's 315 billion euro investment plan, intended to kick-start growth in Europe by financing hundreds of projects.

Germany has committed 15 billion euros to the plan and Spain 1.5 billion, but other EU member states have been slower to react.

But European Commission Vice-President Jyrki Katainen welcomed the French contribution and said: "The plan is progressing fast with the commitment of Member States, and we are confident that the results will start to be visible this summer."