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Europe Aims to Boost the Space Sector within the Union

To bolster the European space sector, the European Commission, the European Investment Bank, and the European Space Agency have committed themselves to improving access to financing for SMEs and encouraging innovation.

| Updated on 02-02-2024 20:00 | Published on 31-01-2024 10:00 

At the space conference, the European Commission, the European Investment Bank (EIB), and the European Space Agency (ESA) signed a collaboration agreement to strengthen the European space sector, including small and medium-sized enterprises (SMEs) and startups.

This partnership aims to improve Europe's standing by fostering cooperation and coordination and providing financial and advisory support to European businesses in the sector.

The three institutions are thus seeking to improve access to financing, promote the exchange of knowledge, stimulate the development of cutting-edge space technologies, and propel the European space sector towards new horizons, motivating innovation, economic growth, and strategic autonomy in space.

According to Timo Pesonen, Director-General of DG-DEFIS at the European Commission, "With the CASSINI Space Entrepreneurship Initiative, the Commission is already facilitating financing access for startups, development-phase businesses, and SMEs in the space sector. However, access to debt financing remains a challenge. Today, we are joining forces with the EIB and ESA to solve this problem. Europe is now at the center of space entrepreneurship, and we must preserve this and continue to support our industrial ecosystem so it can grow, innovate, and conquer new markets on a global scale."

This collaboration will play a crucial role in identifying bottlenecks and improving access to financing and advisory services, ensuring that European space businesses will have the necessary resources to turn their ideas into reality. This initiative occurs in a context where international space competition is escalating.

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