Joint European Fund for the financing of start-ups

In the framework of the conference “Building Europe’s Digital Sovereignty / Scale-Up Europe”, organized yesterday in Paris by the French Presidency of the European Union, the Deputy Minister of Development and Investment, Mr. Giannis Tsakiris, signed with other EU Member States, a joint declaration for the creation of a pan-European mechanism, the “Scale-Up Initiative», Which concerns the financing of technological Scales-ups.

These are European companies, with immediate prospects of escalation, that can play a future global leadership role in new technologies.

To keep up with the global technology race, the European Union has decided that it needs to strengthen this dynamic start-up ecosystem even during its escalation phase. These companies play a catalytic role in the digital and sustainable transformation of the European economies of the Member States.

The Ministry of Development and Investment, together with the Ministry of Digital Government and the Ministry of Finance, support this joint effort and our country is going to participate in this European initiative, with funds of 100 to 200 million euros through the Hellenic Development Investment Bank SA. (EATE, former TANEO), which will be invested through investment schemes in such innovative companies.

The final decisions on the mechanism and the way of investing the resources are expected to be finalized by September 30, 2022 through a round of consultations. Due to its pan-European role, the “Scale-Up Initiative” will remain an open initiative for any other member of the European Union who decides to participate in the future.

“We are proud to have taken an important step towards a more vibrant and strong European technology start-up ecosystem and we are deeply convinced that our initiative will also be an important step towards the economic and technological future of Europe,” said the French EU Presidency. .

The Deputy Minister of Development and Investment, Mr. Giannis Tsakiris, during the event of the signing of the joint declaration stated: “Today is a great day for Europe. An important initiative is being taken that can transform it into a world technology champion. “The foundations are being laid for the smart financing of innovative start-ups to grow rapidly, stay in Europe and deliver huge economic and social benefits to all Member States.”

The event for the joint declaration was attended by: Bruno Le Maire, Minister of Economy and Finance of France, Nadia Calviño, Deputy Prime Minister and Minister of Economy and Digitization of Spain, Christian Lindner, Minister of Finance of Germany, Robert Habeck, Minister Climate Change Minister of Germany Daniele Franco, Minister of Economy and Finance of Italy, Abroise Fayolle, Vice-President of the European Investment Bank, Rolf Kjærgaard, CEO of the Danish Investment Fund;

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