European bank to launch £43 million social investment fund

The European Investment Bank (EIB), which is run by the European Union, intends to launch a social investment fund worth 50 million euros (£43 million).

It is thought that the new fund will be launched in early 2012 and will work in the same way as the Big Society Capital in the UK across Europe.

Bjorn Tremmerie, venture capital expert at the European Investment Fund (EIF), a branch of EIB, told Third Sector that the social investment will be delivered through the EIF, which will try and match the £43 million investment with private wealth donations to double the fund.

He told the news provider: "We will invest in intermediaries who will invest in social enterprises.

"We will not invest directly. We will concentrate on funds that back small and medium-sized businesses."

The EIF does not provide funding to small and medium-sized businesses but instead invests in financial institutions, banks and venture capital funds involved with social investment.


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