Icade signs a solidarity-based revolving credit line with Crédit Agricole CIB and Crédit Agricole d’Ile-de-France for €150m
Icade has today announced the signing of a five-year €150 million solidarity-based revolving credit line with Crédit Agricole CIB and Crédit Agricole d’Ile-de-France. It includes a mechanism by which both banks waive part of their remuneration.
These funds, combined with those donated by Icade for the same amount from June 2020, will be allocated to research on Covid-19 vaccines carried out by Institut Pasteur.
Over the term of the credit line, Institut Pasteur will first receive up to €300,000 from Icade to support Covid-19 research programmes, in particular those relating to candidate vaccines. This allocation may subsequently be reassessed based on medical research priorities, in consultation between Icade and Institut Pasteur.
This new funding brings Icade’s secured credit lines to over €2bn and strengthens its liquidity position.
This transaction has allowed Icade, Crédit Agricole CIB and Crédit Agricole d’Ile-de-France to innovate by creating a product that provides a source of additional sustainable financing to players in the solidarity economy.
This innovative transaction was arranged by Crédit Agricole CIB.