The European Investment Bank said on Monday, October 7, that the finance ministers of the European Union countries welcomed its Action Plan to deepen regional capital markets and provide more support to startups.

As part of the discussions at the Eurogroup meeting in Luxembourg, the mentioned ministers expressed their support for the mentioned proposal. In this case, it implies an expansion of financing for European unicorns. The relevant information is contained in a press release published by the European Investment Bank on Monday.

It is worth clarifying that unicorns are startups which market capitalization exceeds the $1 billion mark.

European Investment Bank Group President Nadia Calvi?o said that this financial institution is already a Capital Markets Union instrument. According to her, the Action Plan, which was discussed with the finance ministers of the EU countries, will help European innovators expand the scale of their business and will contribute to channeling savings into productive investments. Also, in the relevant context, she stated that the mentioned initiative will stimulate innovation, and job creation and lead Europe towards a more robust growth model, ensuring that local companies stay in the domestic market.

The press release notes that one part of the Action Plan calls on the European Investment Bank Group to improve the integration of the green and digital bond markets by continuing to play a leading role in the relevant space by issuing and scaling up bond acquisition. The bank also plans to help eliminate the funding gap and continue the development of innovations in Europe. As part of the relevant intention, the financial institution will increase its support for the EU venture capital and private equity markets. This information is contained in the press release.

Also, one of the points of the Action Plan provides that the European Investment Bank Group will mobilize large-scale investments to implement EU policy priorities. In this case, work may be carried out, for example, on a housing finance platform.

The efforts of the financial institution are aimed at solving the problem of fragmentation of capital markets, which is an obstacle to European competitiveness. Also, in this case, another goal is the development of cross-border capital markets that function well.

The press release notes that the European Investment Bank Group has unique opportunities to support the development of a European Savings and Investments Union. Also, this financial institution is the only truly pan-European lender operating in each member state and each EU region.

In April, the media released information according to which the countries of the mentioned region need private investments for 650 billion euros (about $706.5 billion) per year until the end of the current decade. These funds are needed to achieve the goal of shifting to renewable energy and a more digital economy.

It is worth noting that investors currently rate the United States as a market that is better organized, less complex, and more liquid.

As we have reported earlier, European Investment Bank Prices Its First Ever ￡50 Million Digital Bond.