Ex-EADS boss to head French development project-paper


France’s new socialist government will name Louis Gallois, the former chief executive of aerospace giant EADS, to head a 35-billion-euro economic development project, French daily Les Echos said without citing its sources.

Gallois will oversee investments in multiple areas from broadband networks to universities as part of the so-called ‘Grand Emprunt’ or big loan programme launched by former president Nicolas Sarkozy as a way of stimulating the economy during the last recession.

The previous commissioner of the programme, Rene Ricol, resigned after Francois Hollande won the French presidential election in May, Reuters reports.