France Plans To Invest 1.8 billion Euro Into Cloud Computing Industry

France announced on Tuesday a 1.8 billion euro ($2.1 billion) support plan for the country's cloud computing industry in a bid to give French companies in the sector global scale. The plan consists of 667 million euros of public financing, 444 million of European Union financing, and 680 million euros of private co-financing, the government said in a statement.

The government said 23 research and development projects had already been selected, which would receive a total of 421 million euros of public financing. "Today we implement a long-held ambition: to bring about the emergence of French and European industrial champions," Minister for Digital Affairs Cedric O said in a statement, adding that by 2025 close to two billion euros would be mobilised for the sector.