Aiming to rival China and the US, the European Investment Bank launches a bold €70B tech push targeting AI, chips, health, and critical resources by 2027.
The European Investment Bank (EIB) is launching a major initiative to strengthen Europe’s position in artificial intelligence (AI) and semiconductors. The project aims to raise €70 billion (£60 billion) by 2027.
This new scheme, known as “Tech EU,” was recently announced by EIB President Nadia Calviño in an interview with Italian newspaper Corriere della Sera. It forms part of broader EU efforts to compete with global powers like the United States and China.
According to a Reuters report, Calviño revealed that the long-term goal is to attract €250 billion in investment. While she did not specify the full funding strategy, the initial focus will be on boosting Europe’s technological infrastructure.
Alongside, the project will also target development in health technologies and critical raw materials. These sectors are vital for securing Europe’s future resilience and autonomy.
To succeed, the EU must also pursue deeper market integration, increased investment, and regulatory simplification, Calviño stressed. These reforms are viewed as essential to unlocking private capital and scaling innovation.
The Tech EU initiative comes amid growing concern that Europe is falling behind in key areas of tech and industry. Leaders across the bloc have been calling for coordinated action to close the gap.
As global demand for advanced technology and secure supply chains increases, the EU hopes this new plan will position it as a stronger competitor in the international arena.
More details on the project are expected to emerge in the coming months.
