European Investment Bank (photo: Wikimedia commons)

The European space sector has been boosted by the news of a key financial collaboration by some of the key stakeholders in Europe. The European Commission, the European Investment Bank (EIB), and the European Space Agency (ESA) have signed a collaboration arrangement to join forces to strengthen the European space sector. This will include small and medium businesses (SMEs) and start-ups and aims to enhance Europe’s position in space. The agreement was announced, Jan. 24.

The collaboration between the three institutions aims to foster cooperation and coordination with a focus on providing financing and advisory support for European space companies. Through this collaboration, the institutions seek to improve access to finance, encourage innovation and knowledge sharing, and stimulate the development of cutting-edge space technologies.

“As the financial investment arm of the European Union, the EIB is committed to supporting projects aligned with EU policy objectives. We are thrilled to collaborate with the European Commission and ESA to provide strategic financing solutions and advisory services aimed at empowering European space companies and enabling them to thrive in a highly competitive global landscape,” Kris Peeters, Vice President, EIB, said in a statement.