French Finance Minister: to launch new European tech fund worth 1 billion euros

PARIS: French Finance Minister Bruno Le Maire said a new European technology fund would be officially launched on Tuesday, worth around 1 billion euros ($1.1 billion), allowing the sector European technology to compete with its American and Asian rivals.

The Mayor announced the new fund on Monday while speaking at an event on France’s digital policy plans as France takes over the presidency of the European Union over the next few months.

The Mayor also underlined the need for the EU to become less dependent on foreign leaders in the technology sector.

This new European technology fund will bring together 10 to 20 funds “worth at least €1 billion to fund technology champions”, Le Maire said.

The Mayor also reaffirmed France’s “absolute” commitment to nuclear power.

“There is no technological sovereignty without energy sovereignty,” he said.

($1 = 0.8747 euros)

(Reporting by Tassilo Hummel; Editing by Sudip Kar-Gupta)

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