The joint declaration for the creation of the pan-European mechanism, Scale-Up Initiative, which concerns the financing of technological scale-ups, was co-signed with other EU Member States by the Deputy Minister of Development and Investment, Yannis Tsakiris. That is, of European companies, with immediate scaling prospects. Businesses that can play a future global leadership role in new technologies. This joint declaration was signed in the framework of the "Building Europe's Digital Sovereignty / Scale-Up Europe" conference. The conference was organized in Paris by the French EU Presidency.

To keep up with the global technological race, the European Union has decided that it must strengthen this dynamic ecosystem of start-ups during their scaling-up phase as well. These businesses play a catalytic role in the digital and sustainable transformation of the European economies of the member states.

The Ministry of Development and Investment, together with the Ministry of Digital Governance and the Ministry of Finance are supporting this joint effort. Our country is going to participate in this European initiative, with capital of 100 to 200 million euros. The funds will be allocated through the Hellenic Development Investment Bank (EATE, formerly TANEO). They will then be invested through investment schemes in such innovative businesses.

The final decisions on the mechanism and way of investing the resources are expected to be finalized by September 30, 2022 through a round of consultations. Due to its pan-European role, the Scale-Up Initiative will remain an open initiative for any other EU Member State that decides to join in the future.

Yannis Tsakiris, Deputy Minister of State for Development and Investment for the Scale-Up Initiative

"Today is a great day for Europe. An important initiative is undertaken that can transform into a global technology champion. The foundations are being laid for smart financing innovative technology start-ups to grow fast, to remain in Europe and yes provide enormous economic and social benefit in all member states".

"We are proud to have managed to take an important step towards a more vibrant and strong European ecosystem of tech start-ups and we are deeply convinced that our initiative will also be an important step towards the economic and technological future of Europe" said the French Presidency.