France offers crisis loans up to €50,000 for transport, agriculture and fisheries firms struggling with soaring fuel prices driven by Middle East conflict.

PARIS: The French government has launched an emergency loan programme to support small and medium-sized businesses hit by soaring fuel prices.

Economy ministry officials said firms in the transportation, agriculture and fisheries sectors are eligible for “flash fuel loans” of up to €50,000.

The programme fulfils a pledge made last week by Prime Minister Sebastien Lecornu. His government is seeking to contain economic pain caused by the war in the Middle East’s impact on fuel prices.

Public investment bank Bpifrance will issue the loans via a streamlined digital process. The ministry stated the money will be available within seven days.

These three-year loans will carry an interest rate of 3.8%.

Separately, French Economy Minister Roland Lescure said he wrote to the European Commission. He has asked it to investigate whether the continent’s refineries are exploiting the war to commit “abuses” in setting fuel prices.

 The Sun Malaysia