France braces for a major fire sale of state assets designed to fund President Emmanuel Macron’s spending plans.

The French President reportedly aspires to create a €10bn Euro fund, which accounts for roughly 10% of the value of state-owned assets.

The state holds shares in 81 French companies, via a holding company (Agence des participations de l’Etat). State-owned shares in these companies are currently valued at approximately €100bn. These are mostly firms regarded “strategic,” ranging from the carmaker Renault to the Telecoms operator Orange and the nuclear conglomerate EDF.

According to Luxemburger Wort the privatization campaign will apparently kick-off from the states’ 50,6% share in Aéroports de Paris, which owns Paris Charles de Gaulle and Orly. The state holding company has not verified there is a final decision on the matter.

The state has already sold 4% of the energy utility Engie for €1,5bn, 5% of Renault for €1,2bn. The state is also prepared to sell a share of the gaming company Française des Jeux.