Tuesday 25 September 2012

France to accept Qatari millions for troubled suburbs | Reuters

France's Socialist government will let gas-rich Qatar invest millions of euros to foster business creation in depressed suburbs, a move critics say is an admission of defeat and grants far too much influence to the Gulf state.

Plans for a 50 million euro fund to stimulate economic activity in urban suburbs proved divisive when they were first floated last year, prompting former president Nicolas Sarkozy to put them on hold until after the May election.

Now President Francois Hollande's government, under pressure to create jobs in suburbs where unemployment sometimes exceeds 40 percent, plans to unblock the funds thanks to a compromise it hopes will soothe concerns from both left- and right-wing critics.

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