France announces crisis loans for firms hit by fuel-price surge

Paris: France said Friday it was launching an emergency loan programme to help small and medium-sized businesses exposed to soaring fuel prices driven by the war in the Middle East.

The economy ministry said firms in the transportation, agriculture and fisheries industries would be eligible for the "flash fuel loans" of up to 50,000 euros ($57,600).

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The programme fulfils a pledge made last week by Prime Minister Sebastien Lecornu, whose government, like many worldwide, is seeking to contain the economic pain caused by the war's impact on fuel prices.

Public investment bank Bpifrance will issue the loans via a streamlined digital process that will make the money available within seven days, the ministry said in a statement.

The three-year loans will have an interest rate of 3.8 percent.

Separately, French Economy Minister Roland Lescure said he had written to the European Commission to ask it to investigate whether the continent's refineries were taking advantage of the war to commit "abuses" in setting fuel prices.