Yesterday, French President, Nicolas Sarkozy, announced a €20 billion strategic investment fund to boost domestic industry. President Sarkozy has entrusted management of the fund to Caisse des Dépôts, a French state-owned bank that invests on behalf of the public sector. The €20 billion will be provided both by the French Government and Caisse des Dépôts, beginning with a combined initial investment of €6 billion that is expected to take shape in the coming months (and may take the form of borrowings by the fund). The remaining €14 billion will be provided by both parties and will take the form of contributions of pre-existing securities: €7 billion representing minority stakes in French state-owned enterprises and €7 billion in shares already owned by Caisse des Dépôts that will be transferred to the new fund. President Sarkozy announced the fund will invest €85 million in Daher, an integrated equipment and services supplier specializing in aerospace, nuclear, defense, and automotive sectors. The investment committee of the fund will be chaired by Artemis CEO, Patricia Barbizet. It is unclear whether establishment of the strategic investment fund will require approval from the French Parliament or the European Commission.