Luxembourg is to contribute €80 million to the European Fund for Strategic Investments, the EU's economic stimulus package that is likely to divert money from Horizon 2020.
The funding will come from the country’s national promotional bank, Société Nationale de Crédit et d’Investissement, according to a statement by the European Commission on 7 April. The announcement makes Luxembourg the fifth member state to contribute to the fund, after Germany, Spain, France and Italy committed a combined total of €25.5 billion over the last two months.
Commission vice-president Jyrki Katainen said he was pleased at the development, after it initially appear that member states would be unwilling to allocate national money to the fund. “It is very encouraging that member states are so committed to getting Europe investing again,” he said.
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