The giant French Oil company Total (NYSE:TOT) has signed an agreement to pay $111-M toward the reconstruction of Paris’ Notre Dame Cathedral that it pledged shortly after April’s devastating fire.
Total CEO Patrick Pouyanne signed an accord Thursday with the Heritage Foundation, an organization handling reconstruction payments. The money will be paid in installments from Y 2020 until the end of the work, which President Emmanuel Macron has said will take 5 years.
Last month, French billionaire Francois Pinault and his son finalized their 100 million-euro donation, a week after rival tycoon Bernard Arnault of luxury giant LVMH finalized his company’s donation of 200 million euros.
The agreements follow months of delay that left officials reliant on small charity donations to fund the repairs’ 1st phase.
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