The European Investment Bank (EIB) is developing a new project to bolster European capabilities in artificial intelligence and semiconductors. The initiative aims to raise 70 billion euros ($78 billion) by 2027. This is part of the European Union's broader strategy to enhance its competitiveness against global economic powers.
Dubbed 'Tech EU,' the project seeks to attract a total of 250 billion euros in investments over the long term. EIB President Nadia Calvino shared this information with Italian daily Corriere della Sera. The 'Tech EU' project will also prioritize health technologies and critical commodities.
Calvino emphasized the need for market integration, investment, and simplification within the EU. These measures are crucial to strengthening the EU's overall competitiveness in the global market. The EIB's focus on AI and semiconductors reflects the strategic importance of these sectors.