Innovation 2010 Initiative

With the establishment of the Lisbon Agenda in 2000, the European Union set itself the strategic goal of establishing a competitive, innovative and knowledge-based European economy, capable of sustainable economic growth with more and better jobs and greater social cohesion by 2010.

The Innovation 2010 Initiative (i2i) was launched by the EIB Group in response to the Lisbon agenda.

i2i Objectives

i2i focuses on three objectives paving the way for technological modernisation and the tailoring of human capital to the European economy of tomorrow.

These objectives are:

• Improving access to quality Education and training
• Supporting excellence in Research, Development and Innovation
• Promoting the diffusion of Information and communications technology (ICT) networks, including audiovisual activities

Through the European Investment Fund (EIF), support to innovative SMEs and entrepreneurship is ensured, notably through venture capital activities.

Outlook

The Bank's overall objective for i2i is to mobilise up to EUR 50 billion over the current decade. From 2000-2006, loans advanced under i2i had reached close to EUR 45 billion. The EIB has, therefore, made significant progress towards the goal set for it by the Lisbon European Council.

Financing Facilities

To stimulate investment in innovation, i2i disposes of:

• senior loans
• loans or guarantees with a low and sub-investment grade risk profile through the Risk Sharing Finance Facility (RSFF);
• EIF equity participations and counter-guarantees designed to stimulate the creation and development of innovative SMEs by providing equity in the form of venture capital or facilitating access to bank credit.