The European Commission and the European Investment Bank are joining forces to accelerate the development and financing of AI gigafactories.
Commission Vice-President Henna Virkkunen and EIB Director Nadia Calviño have signed a Memorandum of Understanding in which the EU executive branch and the EIB Group commit to pooling resources to accelerate Europe's advanced data and AI processing capacity.
The goal is to create up to five large-scale AI gigafactories: data and computing hubs essential for training next-generation models and strengthening Europe's technological leadership.
"The EU is determined to become a world leader in artificial intelligence," Virkkunen said at a press conference following the signing ceremony.
"Together," she emphasized, "we are ensuring Europe's long-term competitiveness and leadership in AI and innovation on the global stage." In February, Commission President Ursula von der Leyen launched InvestAI, an initiative aimed at mobilizing €200 billion for AI investments, including a new €20 billion European fund for AI gigafactories.
