June 18, 2013 / 7:53 AM / 4 years ago

Axa to lend 10 bln euros for infrastructure projects

PARIS, June 18 (Reuters) - French insurer Axa said on Tuesday it planned to lend 10 billion euros ($13.35 billion) over the next five years for infrastructure projects as it seeks to diversify its credit portfolio.

The plan would represent a tenfold increase in Axa’s exposure to infrastructure debt, a company spokesman said.

The company will underwrite loans of up to 500 million euros through its Axa Real Estate arm, each backed by assets in established global economies, to finance projects ranging from wind farms to sewers and water and transport networks.

Axa will first focus on loans in the euro zone and Britain, moving on later to the United States and Asia.

$1 = 0.7492 euros Reporting by Dominique Vidalon; editing by Tom Pfeiffer

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