European investment fund set for September start

A fund to bolster investment in Europe should be up and running by September, an EU official said on Friday, outlining the timetable for a highly leveraged scheme to bolster growth in a moribund EU economy. The European Fund for Strategic Investments, which can invest in projects from infrastructure building to expansion of small businesses, is the European Union's flagship scheme to help address slack growth. Jyrki Katainen, Vice President of the European Commission responsible for jobs and growth, told journalists that its set-up could be finalised by European Union leaders in June, with a start date some months later. Katainen said, however, that it was unclear which governments would invest money in the scheme, intended to be a 315-billion-euro ($358 billion) investment vehicle based on modest financial guarantees given by states.

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