EIB backs early-stage tech sector

The European Investment Bank (EIB) is to allocate €1bn in venture capital with the aim of supporting the European early-stage technology sector. Venture capital and private equity funds managed by the European Investment Fund (EIF) will be responsible for investing the allocation. Since its creation in 1994, the EIF has committed a total of EUR 2.5bn to 184 European venture capital funds, and is expected to commit EUR 250m in 2003.

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• UK / Ireland