A French scheme to encourage the raising of risk capital for innovative small and medium sized companies during their early-growth phase was approved by the Commission. The national venture capital fund (FNA) will be allocated €400m and be managed by CDC Enterprises. It is intended to be available only in cases where businesses suffer from significant lack of risk capital investment. Investments will have to be matched by private participation of at least 50 per cent (or 30 per cent in areas eligible for regional aid).