France, Oct. 2 -- Overseas Territories Minister Naima Moutchou unveiled the "Outre-mer One" fund in Paris on Thursday during the first Choose Outre-mer economic summit at the Banque de France.

The fund has already exceeded its initial target of €30 million.

"This is a sign of confidence," Moutchou told an audience of investors and entrepreneurs.

France pledges to tackle monopolies inflating prices in overseas territories From subsidies to investment

Managed by INCO Ventures, the fund brings together the French state, the French Development Agency, or AFD, and the Banque des Territoires, alongside private investors including BRED, EDF and the Bernard Hayot Group.

The government says it wants a major change in the way economic de...