The European Union is reportedly planning to streamline technological advances across the area, via a planned $177 billion investment war chest.

Specifically revealed by Bloomberg, the EU authority is reportedly having plans down their pipeline to offer financial stimulation via funding towards particular fields, nominally blockchain, data infrastructure, 5G, and quantum computing, among others.

The planned $177 billion investment fund reportedly takes up approximately 20% of the 750 billion euros ($887 billion) stimulus package authorized by EU leaders back in July last year, to initiate economic recovery during the current global health pandemic. 

Via her speech on September 15th, Ursula von der Leyen, President of the European Commission, reportedly emphasized the importance of making investments in digital technology for the whole territory.

As a matter of fact, part of the investment fund will reportedly be dedicated to producing low-power processors, since EU authoritative bodies are looking to steer clear from a recurrence of the semiconductor shortage that caused significant impact on numerous sectors throughout the globe. 

While the EU has disclosed details of the fields it intends to spend extensive resources on from the $177 billion technology investment fund, the particular sum that would be dedicated to the industries individually is yet to be shared. 

In September this year, the Iota Foundation, together with six different firms, was reportedly selected to assist with the early-stage development of the European Blockchain Services Infrastructure — an EU-wide distributed ledger technology initiative.