Renault finalises 5 billion euro state-backed loan

© Reuters. FILE PHOTO: Coronavirus disease (COVID-19) outbreak in Sint-Pieters-Leeuw

PARIS (Reuters) – Carmaker Renault (PA:) finalised on Wednesday a 5 billion euros (4.45 billion pounds) credit facility with the French government, strengthening Renault’s finances in the wake of the coronavirus pandemic which has ravaged the autos industry.

Renault said that the new credit facility carried a guarantee from the French state – which owns a 15% stake in Renault – of up to 90% of the total amount borrowed.

Banks BNP Paribas (PA:), Credit Agricole (PA:), HSBC France (L:), Natixis (PA:) and SocGen (PA:) were involved in the new Renault credit deal.

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