France announced an 18-billion-euro rescue plan on Thursday to help its tourism sector through the coronavirus crisis that has shuttered hotels and restaurants in one of the world's most visited destinations, reports FRANCE 24.
The plan includes 1.3 billion euros in direct public investment as well as government-guaranteed loans and extended access to a "solidarity fund", Prime Minister Edouard Philippe announced.
"Whatever strikes tourism obviously strikes at the heart of France," the premier said, underscoring the importance of reviving a sector that generates nearly eight percent of the country's economic output and employs some two million people.
The 1.3 billion euros "will generate private investments" for total direct investment in the sector worth about 7 billion euros, said Philippe.
Add to that a rash of aid measures that include deferring loan repayments, the government intervention represents "a commitment of more than 18 billion euros in public finances: it is without precedent, it is massive, it is necessary," he said.
France received nearly 90 million foreign tourists last year, said the premier, but a nationwide lockdown to curb coronavirus spread has resulted in 95 percent of its hotels being shuttered since mid-March.
The country started cautiously lifting confinement measures Monday, allowing people to return to work but keeping cafes, bars, restaurants, hotels, major museums and public parks shuttered, along with a 100-kilometre (62-mile) limit on travel from the home.