Investments for the Future Programme


The PIA (Programme d’Investissements d’Avenir – Investments for the Future Programme) was established in 2009, and covers the period 2010-2020. It aims to prepare France for the challenges of tomorrow (competitiveness, environment, health, etc.) and to increase its growth potential by investing in higher education and training, research, industry and SMEs, sustainable development and digitisation.

The target investment programme is expected to have a significant multiplier effect on other funding, especially industrial co-funding, and is to be spent as follows (initial budgets):

- Research: €7.1bn
- Higher education & training: €11bn
- Digitisation: €4.5bn
- Sustainable development: €5.1bn
- Industry & SMEs: €6.5bn

Each of these fields includes a number of different sub-programmes, combining various methods of funding (loans, endowment, subsidies,…) and different approaches per sector, some of which involve the creation of new structures (SATTs, IRTs, ITEs,…).

The PIA is steered and coordinated by the CGI (Commissariat Général à l’Investissement). Other governmental bodies are responsible for disbursing the funds; chief among these are the ANR, the CDC (Deposits and Consignment Fund), the ADEME (Environment and Energy Management Agency) and Bpifrance(National Investment Bank).

The PIA’s initial budget was €35bn; its second phase was approved in 2013 with additional funding €12bn, so that the programme’s total budget now reaches €47bn.

The PIA sets thematic objectives; research and innovation is its main target, and absorbs more than half of the funding. Most of the funds are allocated on the basis of open tenders, arbitrated by independent, international expert juries. This method deliberately disregards institutional barriers, such as PSREs/universities or universities/”grandes écoles”.


- “Rapport d’activités 2014”, CGI,
- « Investments for the Future », ANR,
- “OECD Reviews of Innovation Policy: France 2014”, OECD,

Published on 11/09/2015

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