Portugal subscribes up to 50 million euros to the European Tech Champions Initiative 2.0

The Council of Ministers has authorized the participation of the Portuguese Republic in the European Tech Champions Initiative 2.0 (ETCI 2.0), promoted by the European Investment Bank Group, through a capital subscription up to a maximum amount of €50,000,000. The decision is contained in the Council of Ministers Resolution No. 202/2026, approved on October 14, 2026, and published in the Diário da República, 1st series, no. 204, of October 21, 2026, signed by the Prime Minister, Luís Montenegro.

The resolution is adopted under paragraph g) of Article 199 of the Constitution and takes effect from the date of its approval. The decree further determines that the financial charges of the subscription are ensured by funds to be entered into chapter 60 of the State Budget, managed by the Treasury and Finance Entity of the Ministry of Finance.

An initiative for European venture capital

According to the preamble, the EIB Group developed ETCI 2.0 to strengthen the financing of European technology companies and the technological autonomy of the European Union, continuing the initiative launched in 2023. Management is handled by the European Investment Fund, which channels resources to investment funds that finance technology companies in the expansion phase, seeking to address the difficulties of accessing capital in the more advanced stages of their development.

The key figures of the program are as follows:

• The first edition mobilized approximately 3.9 billion euros and supported technology-specialized funds.
• ETCI 2.0 aims to raise up to 15 billion euros, with contributions from Member States, the EIB Group, and private institutional investors.
• With these resources, it aims to mobilize up to 80 billion euros in total investment.
• The goal is to support more than 100 funds and approximately 1,500 European technology companies.

Component for medium-sized funds

The initiative includes a component dedicated to medium-sized funds, intended to improve access to financing in smaller markets. The Government considers that this aspect is particularly relevant for Portugal, by creating conditions for the growth of technology companies and the development of the national venture capital market.

Portuguese participation aims to expand financing opportunities for national technology companies, favoring their growth and internationalization. It also ensures the representation of the Portuguese Republic in the initiative’s governance mechanisms and strengthens cooperation with the EIB Group in financing innovation.

Budgetary execution and delegation of powers

The resolution establishes that the charges arising from the participation constitute non-effective expenditure, with an impact on the Republic’s financing needs, but without an impact on the budget balance. Payments are made based on capital calls, under the terms of the contractual documentation applicable to the Portuguese participation.

The decree delegates, with the power of sub-delegation, to the member of the Government responsible for the area of finance the competence to perform all acts necessary for the participation, including the signing of contracts and the authorization of payments. The same delegation covers the authorization of changes to the payment schedule, provided that the maximum authorized amount is not exceeded.

The operation is registered in the same issue of the Diário da República that publishes other resolutions of the Council of Ministers in the area of defense, such as Council of Ministers Resolution No. 203/2026, on the maintenance of F-16 aircraft, and Council of Ministers Resolution No. 204/2026, regarding the surgical module of the Armed Forces Hospital.

For national technology companies in the expansion phase, the resolution opens the door to a large-scale European instrument, but the practical effect will depend on the ability of Portuguese funds to position themselves as recipients of the resources managed by the European Investment Fund. The maximum commitment of 50 million euros is subject to capital calls and does not alter the budget balance, which limits the immediate impact on public accounts.

Source: Diário da República, 1st series, no. 204, of October 21, 2026, section I, page 1 (official reference: Council of Ministers Resolution No. 202/2026).