The European Commission (EC), in partnership with the European Investment Fund (EIF), launched the BlueInvest capital investment fund, worth 75 million euro, dedicated to the blue economy, on Tuesday.

The blue economy includes economic activities related to oceans, seas and coastal areas. These include companies operating both in the marine environment and on land, and produce goods and services that contribute to the development of the maritime economy. The blue economy includes many promising start-ups and companies, often derived from EU-funded research and development programs. These companies develop solutions related to energy from renewable sources, sustainable fisheries products, blue biotechnology, marine information systems and more.

The fund was launched at the “BlueInvest Day” conference in Brussels, in the presence of EIB Vice-President Emma Navarro and of the Environment, Oceans and Fisheries Commissioner, Virginijus Sinkevicius, according to Agerpres.

Through the European Fisheries and Maritime Affairs Fund, the Commission is also funding an additional grant scheme worth 40 million euro to help SMEs in the blue economy develop and market new products, innovative and sustainable technologies and services.