The European Investment Bank, the bank owned by the European Union's member states to further their policy objectives, is committing €2.4bn ($2.1bn) to selected European venture capital funds over the next three years.

Through the European Investment Fund, an EIB Group subsidiary, it has already invested €1bn in the last three years. Its commitment to invest €800m a year till 2004 will consolidate its position as one of the largest and most sought-after investors in the asset class in Europe.