Frenchman Renault withdraws part of state-guaranteed loan

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PARIS: French automaker Renault has taken part of a 5 billion euros ($ 5.85 billion) loan guaranteed by the French government, set up earlier this year to consolidate its finances during the crisis in coronavirus, its president said.

Jean-Dominique Senard did not detail the amount of the loan borrowed by Renault, but added that the group had sufficient liquidity and that it had only taken advantage of the facility to make the most of the tools at its disposal. disposition.

“There will not be a single euro of public money used for Renault, I say this clearly, unless the world collapses,” Senard said at an event on Thursday in which the manufacturer unveiled a new design for an electric vehicle.

Renault has joined several other large French companies including Air France-KLM to obtain loans backed by the State, as part of a crisis program set up in France to help companies deal with the pandemic.

Its credit facility is lent by commercial banks but carries a French government guarantee of up to 90 percent of the amount borrowed.

Financial director Clotilde Delbos added that the loan was due to expire at the end of the year and that it would have been “a bit of a shame” not to make use of it.

“We have a very good level of liquidity, there is no problem with liquidity, it is just good financial management,” said Delbos.

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