- Expanded European Tech Champions Initiative offers growth finance for European innovators and new platform for private sector participation.
- Powered up Defence Equity Facility to nurture Europe’s security and defence venture capital ecosystem.
- EIB and EIF Boards also endorse €11.4 billion for competitiveness, housing, energy security and affordability and EU space sector.
The Boards of Directors of the European Investment Bank (EIB) Group endorsed the scaling up of successful financing instruments to strengthen Europe’s technological leadership and defence capabilities.
The significant expansion of the successful European Tech Champions Initiative (ETCI) will crowd in institutional investors, in addition to public resources from Member States. Managed by the European Investment Fund (EIF), the ETCI is the biggest fund-of-funds in Europe fully dedicated to scaling up innovative European companies to compete globally. It has already invested into 14 mega-funds of over €1 billion and anchored the creation of 11 European unicorns.
A dedicated ETCI platform will be launched in the second quarter of this year, where investors such as insurance companies, pension funds, commercial banks, asset managers, foundations and national promotional institutions will be able to indicate earmarked commitments. Pledges target toward €15 billion over the lifetime of the initiative, with the aim to mobilise €80 billion in investments. The expansion will decisively narrow the funding gap for European innovators and bolster the EU`s autonomy in strategic sectors such as artificial intelligence, biotech, cleantech and defence.
“The time for Europe’s capital markets union is now, and the EIB Group responds to EU leaders’ call for action with pan-European instruments to boost European competitiveness,” said EIB Group President Nadia Calviño. “Turning savings into investment and leading the technologies of tomorrow are central to Europe’s sovereignty.”