According to a top-level deal signed in Paris on Friday, Internet search giant Google will create a `Digital Publishing Innovation Fund' which will chiefly aim at offering help to the French media publishers in the direction of digital innovation, as well as for increasing revenue from advertisements.

The €60 million (approximately $82 million) fund created by Google will "support transformative digital publishing initiatives for French readers;" a noteworthy deal which, as per French President Francois Hollande, will avoid a tax on Google in the fast growing digital global economy.

The agreement which Google has struck with France is quite similar to that which the company inked with the newspaper publishers in Belgium last month; and marks the settlement of a festering scuffle in which France tried to impose a tax on Google's advertising revenues, and Google, in turn, threatened to bar French publishers in the search results on its popular website.

With Google agreeing to pay _60 million into the special `Digital Publishing Innovation Fund' to assist French media in developing their Web presence, without making any payment to the French publishers for posting links to their content, a written statement by President Hollande described the agreement as "a model for effective partnership and a pointer to the future in the global digital economy."