Investments of the future

With a budget of some 47 billion euros, the Programme of Investments for the Future (PIA), run by the General Commissariat of Investment, was set up by the French state to finance innovative and promising investments in the territory, with a co-financing principle for each project.

Expand the textExpand the textThe €47bn dedicated by the French state to investments of the future was undertaken in two stages:

  • in 2010, €35bn was dedicated to the first wave (PIA1)
  • in 2014, the PIA was strengthened and was accorded an additional amount of €12bn (PIA2)




Visuel PIA


The PIA in few figures
36 conventions signed with the French state
€13.7bn entrusted
1,473 projects supported
8 Md€ investis
Leverage effect: €19bn


National priorities were therefore identified, in order to allow France to increase its growth and employment potential:

Economics, innovation and industrial projects

Digital economy

Sustainable ecology, development and mobility

  • City of the future
  • French general committee for industry – Green loans (PIA1 and PIA2)

Submit a project

The PIA management was entrusted to twelve operators, including the Caisse des Dépôts group, which therefore manages 13.7 billion euros available through 36 conventions.

The implementation of the PIA involves the mobilisation of all of Caisse des Dépôts and several managements of Bpifrance. For the whole group, the PIA is an opportunity allowing for the mobilisation, according to a specific governance, of very significant amounts for additional interventions to those carried out with equity, in priority investment themes: investment in small and medium-sized companies, the knowledge economy, urban planning, the social and solidarity economy, training, the digital economy, territorial development, etc.

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