The European Investment Bank has floated a new investment program to support European technological leadership. It aims to provide 70 billion euros to startups by 2027, hoping private investors will pile on to unlock as much as 250 billion euros in total capital. The plan still needs to be approved by the EIB’s board of governors, which comprises the finance ministers of the 27 EU member states.
The idea is to set up a one-stop shop for EU firms’ financing needs. Support will become “larger, faster and simpler,” EIB president Nadia Calviño told Handelsblatt. The support includes opportunities for company founders and venture capital investors to exit. These entities often end up selling their stakes to US investors. Other priorities include cutting red tape, increasing risk tolerance and supporting key strategic sectors like security and defense.
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