National Rally Secures Preliminary Agreement for 10 Million Euro Campaign Loan
France's National Rally has reached a preliminary agreement with two European banks for a 10.6 million euro loan to fund Marine Le Pen's presidential campaign.
By Hassan Ellis ·
The National Rally, France's leading far-right political party, has reached a preliminary agreement with two European banks to finance Marine Le Pen's upcoming presidential campaign. Party treasurer Kevin Pfeffer announced the development on Tuesday, noting that the lenders are expected to finalize the 10.6 million euro loan by the end of the current month.
Polling data indicates that Le Pen is currently the front-runner to succeed centrist President Emmanuel Macron in the presidential election scheduled for next spring. Despite her strong position in the polls, the National Rally has historically faced difficulties in securing campaign funding from major financial institutions within France.
In the French political system, bank loans constitute the primary method for financing a presidential campaign, aside from direct donations. Several prominent French banks, including Societe Generale and La Banque Postale, have previously declined to lend to the party. These institutions cited a broader policy shift in which they no longer finance political activity as the reason for their refusal.
Pfeffer stated that the party is in very advanced talks with two banks that are based in Europe but are not French entities. He declined to disclose the specific names of the lenders but expressed optimism regarding the outcome, expecting a final decision from the banks by the end of the month.
According to the party treasurer, the preliminary agreement acknowledges the reliability and credibility of the National Rally's application. He emphasized that the party's proposal offers all the necessary guarantees to satisfy the lenders' requirements for such a significant financial commitment.
The loan amount is strategically aligned with the potential state reimbursement available to candidates. Candidates who advance to the second round of the presidential election are eligible for the state to reimburse up to 10.7 million euros of their campaign expenses. This reimbursement mechanism serves as a key factor in the lenders' assessment of the loan's security.
For years, the National Rally has struggled to secure financing from domestic French banks, which has pushed the party to seek alternative sources of funding. In 2022, the party successfully secured a 10.6 million euro loan from a Hungarian bank. Additionally, the party previously contracted a 9.4 million euro loan with a bank in Moscow, which was fully paid off in 2023.
During a party congress held in Orleans in October, Pfeffer warned that the National Rally could support a campaign at a normal pace until the end of this year. However, he cautioned that the party would need to find another solution for financing after that period, highlighting the urgency of securing the new loan agreement before the end of the month.
