The French National Agricultural Initiative – L’Initiative Nationale pour l’Agriculture Française (INAF) – is a new financial instrument designed by the French Ministry of Agriculture (FMA) in close collaboration with the EIF. It is part of the first pillar of the French Investment Plan 2018-2022 (Grand Plan d’Investissement 2018-2022), which aims to mobilise over EUR 5bn of investments to support French farmers.
Its main objective is to create lasting impact in the agricultural sector offering better access to (debt) financing to young farmers, upstream production activities and agro-ecological transition. The aim is to catalyse EUR 800–1000m of investments.
INAF uniquely combines resources from the FMA and from the European Fund for Strategic Investments (EFSI), resulting in a substantially boosted capped portfolio guarantee with a first loss piece from the French government and a second loss piece from EFSI.
INAF complements other regional mandates currently implemented by the EIF in France, such as FOSTER or ALTER’NA.
These financial instruments respond to the recognition that the long-term development of the agricultural sector is of strategic importance for the French economy.
More broadly, in the European Union, almost 22 million people are active in or dependent on agriculture. The EIF has therefore dedicated considerable efforts to designing financial instruments that effectively respond to market needs in this sector.
The EIF is currently looking for financial intermediaries to implement this first loss portfolio guarantee instrument.
Mandator
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Selected intermediaries
The following summary is only indicative. For full information please refer to the Call documents below.
Product details
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Focus
The Initiative Nationale pour l’Agriculture Française (INAF) is a strategic financial mandate co-developed with the French Ministry of Agriculture to strengthen the agricultural sector. It mobilises EUR 270 million in national and EU resources, including a budgetary guarantee. The mandate is deployed via four financial intermediaries and targets the upstream agricultural value chain. It maintains its original investment strategy while expanding its scope and duration.
Objective
INAF aims to improve access to finance for young farmers and newcomers, supporting generational renewal in agriculture. It promotes sustainable and organic farming, climate adaptation, and competitiveness. It aligns with EU goals on territorial development and green transformation. The initiative is expected to catalyse EUR 3 billion in investments and benefit thousands of farmers.
Guarantee terms
Benefits for recipients
Type of instruments
Max (counter-)guarantee rate
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Consistency with state aid
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Type of financial intermediary
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€2.5m iDebt financing maturity range
Growth stage
Eligibility criteria
The Call for Expression of Interest addresses financial institutions that are authorised to carry out lending or leasing activities to final recipients established and/or operating in France, in line with the applicable legislation. For the complete set of eligibility and other criteria, please refer to the call documentation below. Please carefully read in full the details of the eligibility and exclusion criteria before submitting your expression of interest to the EIF.
Application closed
The call closed on 24 May 2019, therefore we are not accepting further applications from financial intermediaries.
The Eligibility Period is up to 31 December 2028.