Other ADB Members

Sum of Measures 1—5 (Total Package)

Total Package in USD Million: 835,281.19
% of GDP (2019): 33.16%
% of Regional Total Package: N/A
Package Per Capita in USD: 12,455.80
Note: Measures 9 and 10 are added to the sum of Measures 1-5.
Measure Amount (Local) Amount (USD) Details Update Source
01 - Liquidity Support info_outline
01A - Short-term lending info_outline

No amount/estimate: Wider access to Banque de France refinancing for SMEs.

01B - Support policies for short-term lending info_outline
01C - Forex operations info_outline
02 - Credit creation info_outline EUR330,715,000,000 USD365,835,176,991
02A - Financial sector lending/funding info_outline
02B - Support policies for long-term lending info_outline
02B1 - Interest rate adjustments
02B2 - Other policies to support long-term lending

(i) No amount/estimate: April 2020, Reducing the counter-cyclical bank capital buffer to 0% (an increase from 0.25 percent to 0.5 percent, effective April 2020); (ii) No amount/estimate: Credit mediation to support renegotiation of SMEs’ bank loans; (iii) No amount/estimate: 28 June 2020, L'ACPR, Banque de France, required financial institutions under its supervision to follow the recent EU directive and refrain until 1 January 2021 from paying dividends, buying back shares or granting new variable remuneration to the main risk takers within them.

02C - Loan guarantees EUR330,715,000,000 USD365,835,176,991

(i) EUR300 billion in the state guarantee mechanism for new liquidity loans granted by credit institutions between 16 March and 31 December 2020 to companies registered in France. 24 November 2020, The State guaranteed loan measure will be available until June 2021. 1 June 2021, The measure has been further extended until 31 December 2021; (ii) EUR15 billion (from EUR12 billion) in specific guarantees for export insurance and credit insurance; (iii) 29 April 2020, EUR5 billion loan guarantee for Renault; (iv) 6 May 2020, EUR4 billion state guarantee on loans and a subordinated shareholder loan to Air France-KLM by the French state; (v) No amount/estimate: 6 June 2020, The State guarantee system for credit insurance is strongly reinforced to allow companies to keep their cover. This measure is very important for construction companies whose cash flow is very dependent on inter-company credit. The measure will be implemented immediately by decree for SMEs and medium-sized enterprises; (vi) EUR6.2 billion loan guarantees for tourism industry; (vii) 7 January 2021, EIB Group and BNP Paribas signed a synthetic securitisation which consists of an EIB group guarantee on an existing portfolio of loans enabling BNP Paribas to free up part of the regulatory capital allocated to this portfolio and deploy EUR515 million new loans to SMEs and mid-caps; (viii) No amount/estimate: 14 January 2021, The grace period for government-guaranteed loans is extended one additional year.

03 - Direct long-term lending info_outline EUR84,895,000,000 USD93,910,398,230
03A - Long-term lending info_outline EUR84,895,000,000 USD93,910,398,230

(i) See item (i) of (2C) Loan Guarantees in Measure 2; (ii) 25 March 2020, EUR80 billion in loans for startups; (iii) EUR3 billion loan to Air France. 6 April 2021, This loan has been converted into a hybrid capital instrument; (iv) EUR1.6 billion tourism loan offered by Bpifrance and the Groupe Caisse des Dépôts et Consignations; (v) Additional EUR100 million loan for startups; (vi) No amount/estimate: 2 July 2020, Repayable advances and loans for SME companies with liquidity problems. 2 June 2021, this aid is extended until the end of 2021; (vii) 30 November 2020, EUR15 million EIB loan to AB Science for the clinical development program evaluating masitinib,a new orally administered tyrosine kinase inhibitor that targets mast cells and macrophages, important cells for immunity, through inhibiting a limited number of kinases, as a treatment for COVID-19; (viii) 11 December 2020: (a) EUR18 million of soft loan and (b) EUR62 million of participating loan as part of France’s EUR106.7 million state aid measure; (ix) 25 March 2021, The Council of Europe Development Bank (CEB) approved an additional loan of EUR100 million to ADOMA, the leading social housing provider and operator of reception centres for asylum seekers in France.

03B - Forbearance
04 - Equity support info_outline EUR23,270,000,000 USD25,741,150,442

(i) EUR20 billion for the temporary increase in state-ownership for some firms facing exceptional difficulties; (ii) 5 June 2020, EUR150 million worth of investment funds for companies developing sovereign technologies of the future whose risk associated with investment is high (quantum, health, cybersecurity, artificial intelligence, etc.) and of start-ups at any stage of development; (iii) EUR200 million equity support to SMEs in the aeronautics sector; (iv) EUR1.3 billion equity investments in the tourism industry; (v) EUR270 million to EUR620 million equity support under the Programme de soutien à l’innovation majeure PSIM (EUR120 million) & French Tech Souveraineté (EUR150 million, extendable up to a maximum of EUR500 million); (vi) No amount/estimate: 6 April 2021, EUR3 billion loan to Air France has been converted into a hybrid capital instrument. The total amount for this measure is included in Measure 03A (item iii); (vii) 6 April 2021, a capital injection of up to EUR1 billion for Air France, through the subscription of new shares in a share capital increase opened to existing shareholders and the market.

05 - Health and income support EUR286,846,200,000 USD317,307,743,363
05A - Health support EUR14,360,000,000 USD15,884,955,752

April 2020, (i) EUR260 million (from the unspent reserves in the 2019 budget) and EUR3.5 billion (from the 2020 budget allocation) for the healthcare system; (ii) EUR4.5 billion of additional funds for the purchase of equipment and other health expenses; (iii) creation of an additional emergency fund of EUR50 million for research on COVID-19; (iv) 3 September 2020, EUR6 billion for public expenditure for health security and EUR50 million for health security projects under the Cohesion component of the EUR100 billion recovery plan; (v) 8 February 2021, EUR300 million in support of the development and production of health products to fight COVID-19; No amount/estimate: (vi) 27 March 2021, Vaccination has been opened to people over 70 years old. 12 April 2021, Opening of the vaccination to all people over 55, and start of the sale of self-tests in pharmacies. 31 May 2021, Vaccination has been opened to all adults. 15 June 2021, Vaccination has been opened to adolescents aged 12 to 18 with the consent of their parents; (vii) August 12, 2021, The Ministry of Solidarity and Health confirmed the implementation of a vaccination booster campaign from mid-September to residents of nursing homes and long-term care units (USLD); people over 80 living at home and those at very high risk of a severe form of COVID-19; and immunocompromised people. 24 August 2021, The High Authority for Health (HAS) specified the populations (65 years and over and those with comorbidities) eligible for a booster dose of vaccine against COVID-19.

05B - Income support EUR272,486,200,000 USD301,422,787,611
05B1 - Tax and contribution deferrals and policy changes EUR521,900,000 USD577,323,009

(i) EUR0.5 billion for postponement of part of the unemployment insurance reform; (ii) 11 December 2020, EUR21.9 million of tax deferrals which is included in France's EUR106.7 million restructuring aid in favour of French airline Corsair.

05B2 - Tax and contribution rates reduction EUR9,885,000,000 USD10,934,734,513

(i) No amount/estimate: Tax exemptions for bonuses in “essential” sectors; (ii) 25 March 2020, EUR1.75 billion in tax breaks and grants to startups; (iii) 6 June 2020, The government announced a strengthened support system for the sectors affected by the COVID-19 crisis including: EUR2.2 billion exemption from social security contributions in the tourism industry; (iv) 23 July 2020, EUR3.9 billion in measures to cancel charges, in particular intended for companies in the tourism, hotel, cultural and events sectors; (v) No amount/estimate: 25 September 2020, Exemption from social security contributions during the period of legal restrictions to operations of very small enterprises (VSEs) and SMEs with a loss of revenue of at least 50%. A request for exemption can be requested for those companies which experienced a loss of revenue of less than 50%. 30 October 2020, extended and strengthened the social security contribution exemption system estimated at about EUR1 billion; (vi) 30 October 2020, EUR1 billion for a tax credit to encourage lessors to cancel part of their rents; (vii) No amount/estimate: 8 December 2020, 0% VAT rate on Covid-19 screening tests and vaccines. (viii) 11 December 2020, France’s state aid measures in favour of French airline Corsair have been approved by the European Commission. The first measure consists in EUR106.7 million of restructuring aid which includes EUR4.8 million of tax credit. The second measure consists of a EUR30.2 million tax credit to compensate for damages suffered due to coronavirus outbreak; (ix) No amount/estimate: 14 January 2021, All companies in the S1 and S1bis sector which are administratively closed or which experience a decrease of at least 50% of their turnover will benefit from exemptions and aid for the payment of contributions; (x) No amount/estimate: 2 March 2021, Tax exemptions for expenses related to teleworking.

05B3 - Subsidies to individuals and households EUR9,973,000,000 USD11,032,079,646

(i) EUR8.5 billion for short-time work scheme; (ii) 23 July 2020, Support measures for young people and strengthening of measures for the most vulnerable: EUR1.14 billion will be allocated to the financing of bonuses for the hiring of apprenticeship contracts (EUR400 million) or professionalization contracts (EUR744 million); EUR50 million will be mobilized in particular to finance the 1 euro meal for scholarship students; EUR283 million are committed to implement the "learning holidays" program which will accommodate students during the summer holidays in schools, leisure centers, camps and cultural outings.

05B4 - Subsidies to businesses EUR25,743,000,000 USD28,476,769,912

(i) 6 June 2020, The government announced a strengthened support system for the sectors affected by the COVID-19 crisis including: EUR2.632 billion support to aeronautics sector including for R&D (EUR1.5 billion), to aeronautics SMEs (EUR300 million); EUR230 million to support the book industry; EUR295 million grants to startups: FrenchTechBridge (EUR80 million), i-Nov (EUR20 million), ChallengesIA (EUR15 million), SATT (EUR65 million), French Tech Accélération (EUR100 million) & call for projects (EUR15 million); 10 June 2020, (ii) EUR8 billion (increased from EUR7 billion on 27 April 2020 and from EUR1.5 billion as of 15 April 2020) for the solidarity fund to support income for the self-employed and smallest firms. 25 September 2020, The government implemented a change in access to Component 1 of the Solidarity For business employing fewer than 20 persons which have revenues less than EUR2 million, the fund will cover losses of revenue at rates according to the following conditions: businesses closed by government order will be compensated for a loss of revenue up to EUR10,000 per month; businesses in S1 and S1bis sectors which can justify a loss of revenue of more than 80% can receive 60% of revenue lost up to 10,000 Euro; businesses in S1 and S1bis which cannot justify such losses of revenue, or those benefiting from tourism, UNHCR, culture, events, and sports sectors can still receive the normal EUR1,500 per month as long as they can justify revenue losses of 50% or more (list of bis sectors: https://bit.ly/2SmpYzj). 30 October 2020, Additional EUR6 billion for the Solidarity Fund, which allows 1.6 million SMEs and freelancers to ask for state aid of up to EUR10,000. 25 November 2020, Strengthening and extension of businesses support measures. The solidarity fund will be available for all businesses that remain administratively closed (from restaurant, tourism, events, culture and sport industries), regardless of their size. As for the rest of businesses, those losing at least 50% of their turnover can benefit from the solidarity fund. 1 June 2021, The solidarity fund is extended until the end of 2021;(iii) No amount/estimate: To maintain skills within companies and their renewal, the Government announced the creation of an aid for the recruitment of apprentices, from EUR5000 to EUR8000 per contract preparing for a diploma up to the professional license; (iv) No amount/estimate: 17 August 2020, Ministry of Economy and Finance allowed SMEs to spread, over a period of up to 3 years, the payment of their taxes due during the period of health crisis; (v) 30 October 2020, EUR7 billion for the partial-unemployment scheme - which allows companies to reduce employees' salaries and hours, with the government making up part of the difference; (vi) No amount/estimate: 5 November 2020, The ministries of the Economy, Finance & Recovery and of Culture announced that the government would assume the delivery costs of booksellers during the lockdown; (viii) 10 November 2020, The National Assembly adopted its fourth budget amendment in 2020. In part, it will fund UrgencESS, an EUR30 million fund for firms with fewer than 10 employees. Aid to individual recipients will fall between EUR5,000 and EUR8,000 and directed at firms that have not received other supports. The fund will begin operations in early 2021 (les tous premiers jours de 2021). It is a follow-up to the emergency system created by the Secretariat to the Minister of the Economy, Finance, and Recovery, which centralized resources to hard-hit businesses as France faced rising case counts. 30 June 2021, access to the fund has been extended until 31 July 2021; (ix) 14 January 2021, The government will cover up to 70% of the fixed costs of administratively closed companies with a turnover of more than EUR1 million per month. This aid has a maximum ceiling of EUR3 million over the period from January to June 2021 and is in addition to the solidarity fund; Companies in the S1bis sector losing at least 70% of their turnover will be entitled to compensation covering 20% ​​of their 2019 turnover up to a limit of EUR200,000 per month. They will be able to benefit from this aid from December 2020, regardless of their size; (x) 9 March 2021, The EC approves the EUR2 billion French scheme to support the uncovered fixed costs of companies affected by the coronavirus outbreak under the State Aid Temporary Framework; (xi) 19 March 2021, The EC has approved a EUR140 – EUR700 million scheme to compensate ski lifts operators for the damages suffered due to the restrictive measures introduced by the government to limit the spread of the coronavirus under EU State aid rules. The aid is operational from 26 March 2021; (xii) No amount/estimate: 21 May 2021, The government has instituted a new recovery aid for companies that have acquired at least one business between 1 January and 31 December 2020, whose activity has been particularly affected by the health crisis, has not opened between November 2020 and May 2021, and did not generate any turnover in 2020. This aid is limited to EUR1.8 million; (xiii) 2 June 2021, EUR15 billion worth of new emergency stimulus measures which will include tax rebates for hotels, restaurants and bars, as well as various support mechanisms, such as compensation for lost working hours. The measures come on top of emergency aid close to EUR100 billion last year; (xiv) No amount/estimate: 1 June 2021, Coverage of fixed costs for businesses will continue until 31 August 2021 for currently eligible businesses. The measure allows compensation of 90% of fixed costs not covered by revenue for companies with less than 50 employees, and 70% for companies with more than 50 employees; (xv) No amount/estimate: 1 June 2021, The stock aid which is a flat-rate aid for 35,000 businesses in the clothing, footwear, leather goods and sporting goods sectors is extended until the end of 2021; (xvi) No amount/estimate: 1 June 2021, Assistance with the payment of social contributions and contributions to companies with less than 250 employees will be maintained until 31 August 2021, in order to encourage employees in partial activity to return to work; (xvii) No amount/estimate: 1 June 2021, Partial unemployment will be maintained for the sectors most affected by the restrictions until the end of 2021. Thus, employees whose remuneration is close to the minimum wage will always benefit from full maintenance of their salary; (viii) 23 June 2021, EUR385 million from the Recovery and Resilience Facility will be spent on the digitalization of companies; (ix) No amount/estimate: 30 June 2021, Financial assistance will be provided for businesses in the catering sector. From 1 July until 30 September 2021, the government will provide financial support of an additional EUR1.5 for each hour worked by an employee in an integration structure; (x) No amount/estimate: 15 July 2021, The Government has announced a new aid for multi-activity businesses located in rural areas The aid is aimed at establishments which may have an ancillary catering activity but also a grocery store, tobacco bar, press, post office or even inn. It will cover 80% of turnover losses between 1 January and 30 June 2021 at a maximum of EUR8,000 per company.

05B5 - Indirect income support EUR142,535,300,000 USD157,671,792,035

(i) 6 June 2020, government announced a strengthened support system for the sectors affected by the COVID-19 crisis including: EUR1 billion to support the structuring investments of communities relating to health, ecological transition, in particular the thermal renovation of public buildings, and the renovation of heritage; EUR1.3 billion to support the cultural sector; 23 July 2020, (ii) EUR490 million for greening of industry and to support industrial relocations; (iii) EUR4.5 billion support for local authorities including nearly EUR2.7 billion in advances will be deployed for communities experiencing loss of revenue from property transfer tax and EUR750 million to compensate for the loss of fiscal and state revenue municipalities and public inter-municipal cooperation establishments in difficulty; (iv) Support measures for young people and strengthening of measures for the most vulnerable: EUR86.5 million are planned for the political districts of the city; additional EUR200 million are notably devoted to emergency accommodation and the purchase of basic necessities; EUR7 million dedicated to the fight against violence against women, including EUR4 million additional to support associations, psychological support, support for accommodation and care for perpetrators of violence; (v) 12 August 2020, A call for projects of EUR100 million to support specific industries: health, agrofood, electronics, essential inputs (chemicals, metals, raw materials). The COVID-19 crisis has highlighted the industrial and technological dependence of the French economy, and the fragility of certain global value chains. The strengthening of all or part of critical value chains by supporting the establishment or re-establishment in France of some of their links appears necessary. The objective: to reduce our degree of dependence on non-European suppliers, while developing the sectors of the future guaranteeing the creation of value in France and in Europe; (vi) 3 September 2020, In order to quickly and sustainably recover the French economy, an exceptional recovery plan of EUR100 billion (EUR93.95 billion under this category) has been deployed by the government around 3 main components: ecology - the strategic objective of this plan - to support the transition to a greener and more sustainable economy, competitiveness to give companies the most favorable conditions to develop their activities and thus preserve the employment of employees, and cohesion to guarantee solidarity between generations, between territories, and between all French (for the details: https://www.economie.gouv.fr/plan-de-relance#); (vii) 11 November 2020, EUR120 million to support the digitalization of retailers and municipalities; (viii) As of 23 December 2020, EUR866.8 million has been allocated to France for the European Agricultural Fund for Rural Development (EAFRD) under NexGenerationEU. Areas supported by the fund include assistance in the setting up of young farmers, agri-environmental and climate measures, assistance for areas facing natural constraints, support for organic farming, protection of biodiversity, investment in the agri-food and forestry sectors, etc.; (ix) No amount/estimate: 16 March 2021, In order to help the organizers of stays to maintain and relaunch their activity, the Government is reinstating and expanding access to the Emergency Fund of EUR15 million for summer camps and discovery classes for the year 2021; (x) 19 May 2021, EUR150 million additional aid to support the reopening of cinema and live entertainment; (xi) 23 June 2021, With the EC's endorsement, France will be using the EUR39.4 billion grant from the Recovery and Resilience Facility of NextGenerationEU for measures to support green transition and digital transition and economic and social resilience. Of the total allocation for reforms and investments in France's recovery and resilience plan, 46% (about EUR18.124 billion) supports climate objectives, while 21% (about EUR8.274 billion) supports digital objectives. EUR385 billion is allocated for the digitization of companies. To reinforce France's economic and social resilience, EUR9.84 billion will be spent on the installation of high-speed broadband, modernization of the health system, training programs, and jobs and traning for young people.

05B6 - No breakdown (income support) EUR83,828,000,000 USD92,730,088,496

(i) EUR48.5 billion in postponement of social and fiscal deadlines and the early reimbursements of tax credits (2.0% of 2019 GDP); (ii) 20 April 2020, EUR390 million road transport fund (liquidity for road transport sector); (iii) 6 June 2020, government announced a strengthened support system for the sectors affected by the COVID-19 crisis including: EUR2.632 billion support to aeronautics sector including government purchase of military planes, helicopters and drones (EUR832 million); EUR1 million of public expense to promote start-ups employment; EUR31 billion for emergency measures in favor of employees and companies; (iv) As of 23 December 2020, EUR3.105 billion has been allocated to France under REACT_EU (Recovery Assistance for Cohesion and the Territories of Europe) of NextGenerationEU. REACT-EU funds are intended to support: job maintenance, including through short-time work schemes and support for the self-employed; job creation and youth employment measures; health care systems; and the provision of working capital and investment support for small and medium-sized enterprises. The additional support will also serve to invest in the European Green Deal and digital transition, as an enhancement to the significant investment in those areas that is already taking place through EU cohesion policy.

05C - No breakdown (health and income support)
06 - Budget reallocation info_outline
07 - Central bank financing government
07A - Direct lending and reserve drawdown
07B - Secondary purchase: government securities
08 - International Assistance Received EUR43,371,800,000 USD47,977,654,867
08A - Swaps info_outline
08B - International loans/grants EUR43,371,800,000 USD47,977,654,867
08B1 - Asian Development Bank
08B2 - Other EUR43,371,800,000 USD47,977,654,867

(i) As of 23 December 2020, EUR866.8 million has been allocated to France for the European Agricultural Fund for Rural Development (EAFRD) under NexGenerationEU. Areas supported by the fund include assistance in the setting up of young farmers, agri-environmental and climate measures, assistance for areas facing natural constraints, support for organic farming, protection of biodiversity, investment in the agri-food and forestry sectors, etc.; (ii) As of 23 December 2020, EUR3.105 billion has been allocated to France under REACT_EU (Recovery Assistance for Cohesion and the Territories of Europe) of NextGenerationEU. REACT-EU funds are intended to support: job maintenance, including through short-time work schemes and support for the self-employed; job creation and youth employment measures; health care systems; and the provision of working capital and investment support for small and medium-sized enterprises. The additional support will also serve to invest in the European Green Deal and digital transition, as an enhancement to the significant investment in those areas that is already taking place through EU cohesion policy; (iii) 23 June 2021, EUR39.4 billion in grants under the Recovery and Resilience Facility to support France's recovery and resilience plan. France’s plan will protect the climate through a large-scale energy-efficiency renovation programme, invest in training to make the labour force fit for the post-COVID economy and digitalize public administration and the private sector.

09 - International Assistance Provided
09A - Swaps info_outline
09B - International loans/grants

No amount/estimate: 31 August 2021, France will donate 10 million doses provided through a partnership with COVAX and the Africa Vaccine Acquisition Trust (AVAT) [update].

10 - No breakdown EUR29,368,000,000 USD32,486,725,664

(i) 6 June 2020, The government announced a strengthened support system for the sectors affected by the COVID-19 crisis including: EUR5.168 billion to support the aeronautic sector; EUR4.5 billion support for the resumption of activities of local authorities; EUR8 billion to support the automotive sector; construction companies subject to corporation tax will be able to request, from 2020, the immediate reimbursement of their stock of receivables to carry back their deficits, as well as receivables that would come to be recognized in 2020 due to the losses linked to this health crisis; EUR6.7 billion to support the tourism industry; (ii) 30 October 2020, EUR5 billion for government guaranteed loans and direct government loans.

11 - Other Economic Measures

18 May 2020, Suspended the ban on creating or increasing net short positions

12 - Non-Economic Measures
12A - Measures affecting travel and transport (local and international)

(i) The government has implemented a range of measures to reduce the spread of COVID-19, including school closures, the ban of all non-essential outings and long-distance travel, and the introduction of night-time curfews in some cities. On 11 May 2020, France started to gradually ease the containment measures, beginning with the reopening of primary schools, shops, and industry, on a differentiated regional basis. Internal travel restrictions have also been relaxed and the use of masks is obligatory for public transport. Most major domestic restrictions were lifted as of 22 June 2020. Internal and intra-European travel restrictions have also been lifted; (ii) 28 December 2020, Internal European borders remain open but with some exceptions external borders are closed. All travelers arriving in France will be tested at airports and ports; (iii) 12 April 2021, Flights between France and Brazil have been suspended to curb the spread of the new COVID-19 variant found in Brazil. 17 April 2021, The suspension was extended until 23 April 2021. 24 April 2021, additional control measures were put in place for arrivals from India, Brazil, Argentina, Chile and South Africa. 7 May 2021, The measures were also applied for people returning from Bangladesh, Nepal, Sri Lanka, United Arab Emirates, Qatar, Turkey and Pakistan, where the presence of variants of interest is observed; (iv) 30 April 2021, The government has laid out a roadmap for reopening the country in four stages. In stage 1, day certificates will no longer be required and travel restrictions will end beginning 3 May 2021, In stage 2, curfews will be moved to 9 pm beginning 19 May 2021, and further moved to 11 pm in stage 3 beginning 9 June 2021, until it gets abolished in stage 4 on 30 June 2021; (v) 27 May 2021, France reimposes strict COVID-19 curbs on travel from UK in light of the development of the so-called Indian variant. Starting 31 May 2021, travelers from UK must demonstrate and essential reason for travel, must produce a PCR or antigen test carried out less than 48 hours before departure; and must quarantine for 7 days upon arrival; (vi) 4 June 2021, The government announced that it will fully open its borders to EU residents who have been vaccinated against Covid from 9 June 2021, while vaccinated travelers from the United Kingdom and the United States – will still need a to present a negative COVID-19 test. The eased rules also apply to seven non-EU countries deemed "green": Australia, Republic of Korea, Israel, Japan, Lebanon, New Zealand and Singapore; (vii) 12 July 2021, In order to be eligible to enter France under their border reopening policy for vaccinated travelers amid COVID-19, one must be vaccinated with one of the vaccines approved by the European Medicines Agency (EMA). These vaccines include Pfizer (Comirnaty), Moderna, AstraZeneca (Vaxzevria) and Johnson & Johnson (Janssen). 19 July 2021, France now accepts proof of vaccination with the AstraZeneca vaccine manufactured by the Serum Institute of India, Covishield; (viii) 15 July 2021, Beginning 21 July 2021, all persons entering restaurants, cafes, hospitals, shopping centers or taking a long-distance ride by train will be obliged to present a COVID health pass, also known as ‘pass sanitarie’, which indicates that a person has been vaccinated or has a recent negative COVID-19 test result. 26 July 2021, The French parliament has approved a law that requires the citizens of the country to hold a health pass. The same rule already applies to international travelers visiting the country; (ix) 18 July 2021, France adds Tunisia, Mozambique, Cuba and Indonesia to the red list of countries with higher COVID-19 risk due to virus mutations and a high number of cases. Fully vaccinated travelers are no longer subject to restrictions to travel to or from France, whatever the country of departure. Non-vaccinated travellers arriving from Spain, Portugal, Cyprus, the Netherlands, Greece and the UK are required to present a negative PCR or antigen test taken less than 24 hours before departure upon boarding; (x) 11 August 2021, To stem the evolution of the epidemic in France, The Health Defense Council enforced: strict confinement; curfews; and reinforced border control; (xi) August 21, 2021, Morocco and Algeria are classified as “red” countries. This means that an active circulation of the virus is observed in these countries with the presence of worrying variants. The list of "red" countries now includes: Afghanistan, South Africa, Algeria, Argentina, Bangladesh, Brazil, Colombia, Costa Rica, Cuba, Indonesia, Maldives, Morocco, Mozambique, Namibia, Nepal, Oman, Pakistan, Democratic Republic from Congo, Russia, Seychelles, Suriname and Tunisia.

12B - Measures affecting business and workplace

(i) In response to the recent uptick in infections, limits on large gatherings have been extended until the end of October 2020, testing ramped up, and mask mandates tightened with the use of masks obligatory in most public spaces and indoor areas (including workplaces). A digital contact tracing application was launched by the government on 2 June 2020. Selective regional restrictions have also been imposed in high-infection areas including Paris; (ii) 14 October 2020, announced a curfew in nine major urban centers starting 16 October 2020 as a new state of health emergency was declared to combat a second wave of coronavirus infections. A curfew will apply to the Paris region and eight major urban centers: Grenoble, Lille, Lyon, Aix-Marseille, Rouen, Montpellier, St Etienne and Toulouse; (iii) 28 October 2020, announced a national lockdown starting 30 October 2020. Schools remain open but non-essential retail and services are ordered to close. While intra EU borders remain open, extra-European borders are closed, and circulation between France’s regions is not allowed; (iv) 28 December 2020, a nightly curfew between 8 pm and 6 am has been enforced; work from home or staggered work patterns is encouraged; kindergarten to high schools are open during lockdown; Shops, services (private and public), and public libraries are open, but bars, restaurants, cinemas, theatres, museums and gyms remain closed; (v) 30 April 2021, In the government’s roadmap for reopening of the country in stages, shops, cinemas and theaters with limited gauges will reopen in Stage 2 beginning 19 May 2021; while indoor cafes and restaurants will reopen and teleworking will be eased in Stage 3 beginning 9 June 2021; (vi) 11 August 2021, The Health Defense Council enforced: the closure of bars and restaurants; restrictions on access to beaches; the “sanitary pass” will be required in shopping centers with an area of more than 20,000 sq. m. for areas where the incidence rate exceeds 200 cases per 100,000 inhabitants.

12C - Others

(i) 26 April 2021, Nursery and primary schools reopened on Monday across France after a three-week closure since 5 April 2021; (ii) 30 April 2021, In the government’s roadmap for reopening of the country in stages, terraces and museums, with limited gauges will reopen in Stage 2 beginning 19 May 2021, and sports halls will reopen in Stage 3 beginning 9 June 2021; (iii) 17 June 2021, the mandate to wear a mask outdoors (i.e. public roads, such as in parks and gardens, or on beaches) has been lifted; (iv) 22 June 2021, The government announced that festivals and standing concerts can resume on 30 June 2021 while discos can reopen starting 9 July 2021. The government also released sanitary an health protocols concerning these activities; (v) 12 July 2021, As part of the plan to reopen the country and to support the increase in the number of people allowed in certain events and establishments open to the public, the government deployed the “health pass” since 9 June 2021 and is legally authorized until 30 September 2021; (vi) 11 August 2021, The Health Defense Council enforced the compulsory wearing of mask inside establishments open to the public and subject to the "health pass".