Germany to invest 10 billion euros in fund for start-ups

FILE PHOTO: German Economy Minister Peter Altmaier speaks to the media prior to a news conference about hydrogen energy at the eve of an informal video meeting of European Energy Ministers, in Berlin, Germany, October 5, 2020. Markus Schreiber/Pool via REUTERS

(Reuters) – Germany’s federal government will make an additional 10 billion euros ($12 billion) available for an investment fund for future technologies, the country’s finance and economy ministers said on Wednesday.

The fund will focus on start-ups in the growth phase with high capital requirements, Finance Minister Olaf Scholz and Economy Minister Peter Altmaier said.

“Over the next few years, with our existing financing instruments we will work with private investors to provide more than 50 billion euros in venture capital for start-ups,” Altmaier added.

($1 = 0.8460 euros)

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