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Luxembourg’s Minister of the Economy, Franz Fayot, and Minister of Finance, Yuriko Backes, jointly confirmed Luxembourg’s interest in being part of the initiative. “The ‘Scale-up Europe’ initiative is aligned with the efforts made at the national level to meet the financing needs of start-ups and make the Grand Duchy an attractive location for young innovative enterprises,” said Minister Fayot.

The ‘Scale-up Europe’ initiative is aligned with the efforts made at the national level to meet the financing needs of start-ups.

Initiated by France, Scale-up Europe is a strategic effort to help European companies find the capital needed for their development, particularly at advanced stages where they seek to raise large amounts on the private markets. The creation of a fund to be managed by the European Investment Fund (EIF), which is headquartered in Luxembourg, is foreseen.

Scale-up Europe: boosting the role of Luxembourg finance

According to Minister of Finance Yuriko Backes, Luxembourg’s financial sector already plays an important role in financing innovative companies. “By joining the ‘Start-up Europe’ initiative, we will succeed in boosting this role of the sector with the objective of creating the tech giants of tomorrow. Through new sources of funding, the emergence of tech champions will be accelerated, which will help ensure Europe’s digital sovereignty,” she stated.

 

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