Greece invests €120 million in European Tech Champions Initiative to boost innovation and scale up businesses

Greece is actively participating in a major European effort to finance the technologies of the future and create businesses with global reach, committing € 120 million to the joint investment fund of the European Investment Bank Group’s European Tech Champions Initiative. According to the Ministry of National Economy and Finance, this is a strategic decision that strengthens Greece’s position on Europe’s innovation and entrepreneurship map, while contributing to a stronger and more competitive European economy.

Greece, the EIB Group, major institutional investors and other EU member states are joining forces to channel more than € 10 billion into new equity investments in fast-growing European businesses. The new public-private investor alliance builds on the European Tech Champions Initiative and aims to mobilise total investment of up to € 80 billion, with an average investment of € 200 million, enabling European technology companies to expand globally.

Greece is among six countries participating in the first closing of the joint investment fund, alongside Bulgaria, Germany, Luxembourg, the Netherlands and Spain. Together with the EIB Group, these countries are committing approximately € 2 billion to the Tech Champions fund-of-funds, which invests in other investment funds, paving the way for the first investment approvals in the coming weeks.
Meanwhile, major institutional investors and France’s Tibi Initiative have expressed their intention to channel more than € 8 billion in total into Europe’s innovation ecosystem and fast-growing businesses. Additional investors are expected to join the alliance shortly.

Greece’s contribution will be financed through the state budget and forms part of the government’s strategy to foster innovation, attract investment and create new opportunities for Greek businesses.
Commenting on the initiative, Minister of National Economy and Finance and Eurogroup President Kyriakos Pierrakakis said:

“The next major battle for European competitiveness will be in technology. Europe has outstanding scientists, a strong research base and innovative businesses. The major challenge is to turn this potential into companies with global reach that can compete for leading positions in international markets.

Greece’s € 120 million contribution to the European Tech Champions Initiative represents a strategic investment in the future of the Greek and European economies. We are strengthening innovative companies’ access to investment capital and helping create the next generation of European technology champions.

Greece is participating with tangible resources and high ambitions. In the global technology race, those who dare to invest early will gain the advantage.”

amna.gr