Advanced search

San Francisco > News > Cooperation between Luxembourg and the... > Cooperation between Luxembourg and the European Investment Bank

Published Tuesday February 14 2017

The Luxembourg Ministry of the Economy and the European Investment Bank (EIB) today signed an Advisory Service Agreement in the context of Luxembourg’s initiative. This initiative defines a framework to promote and support the exploration and commercial utilisation of resources from "celestial bodies" such as asteroids or from the moon. The Luxembourg Government supports innovative R&D projects under the initiative, including direct investments in companies active in advanced space technologies with operations in the Grand Duchy.

 The agreement between the European Investment Advisory Hub (EIAH) and the Luxembourg Ministry of the Economy is the first step of close collaboration between the Ministry of the Economy and the EIB in this field. The Bank’s Innovation Finance Advisory Division will provide financial advice and guidance to the Ministry of the Economy to enhance access to finance for innovative projects supported under this initiative to develop this emerging and promising sector.
 Luxembourg Deputy Prime Minister and Minister of the Economy, Étienne Schneider, commented: "By further developing funding opportunities tailored to the needs of private initiatives, Luxembourg confirms its ambition to become a European hub for the exploration and use of space resources. This cooperation with the EIB provides the Ministry of the Economy with the best possible understanding of available financial instruments to sustain our innovative venture. The agreement helps to promote the development of a competitive space industry aimed at creating economic growth and diversifying the national economy in a key high-tech sector."
 EIB’s Vice-President Pim van Ballekom, who is responsible for EIB operations in Luxembourg, said: "I am delighted that the EIB is joining forces with the Luxembourg Government in support of its visionary policy to accelerate the development of new space technologies, to pave the way for greater use of space resources and facilitate space explorations. Luxembourg is again playing to its strengths with this agile and mission-oriented investment strategy. Our advisory services will draw on the EIB’s technical and financial expertise and I hope that in due course the EIB Group will have the opportunity to invest in these new space technology companies using its wide array of financial products, notably under InnovFin and the European Fund for Strategic Investments."