The European Investment Bank (EIB) is setting up Space TechEU, its first dedicated financing programme for the European space sector, as part of its TechEU initiative. The space financing initiative was announced earlier today at the European Space Agency`s triannual Council of Ministers meeting in Bremen.
The new lending programme is expected to include €500 million EIB financing to support companies across the space value chain, from upstream to downstream, and mobilise an estimated €1.4 billion of new investment in cooperation with commercial banks. It will be focused in particular on supporting SMEs and mid-caps in the sector, who often struggle the most to obtain bank financing.
The EIB will provide both credit lines and guarantees to EU banking partners. In a strategic partnership with the EIB, the European Space Agency (ESA) will provide sector understanding and technical expertise to commercial banks who join the programme.