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The European Investment Bank (EIB) has approved spending of almost €400 billion for infrastructure and innovation projects in EU member states.

The move follows a meeting of the bank’s board of directors and will trigger investments by the European Fund for Strategic Investment (EFSI), also known as the Juncker Fund.

All 28 member states are expected to benefit from investments, but Greece, Estonia, Bulgaria, Portugal and Latvia have reportedly been earmarked to receive the largest share.

The European Commission said close to a million start-up companies are also likely to be benefit from improved access to finance, via the fund.

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