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The European Investment Bank (EIB) has partnered with the European Startup Prize (EUSP) to support small and medium-sized enterprises in the sustainable mobility sector.

The two will help e-mobility startups to recover from the COVID-19 economic crisis through the 2020 edition of EUSP.

The aim is to accelerate the development of sustainable mobility innovations.

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Lilyana Pavlova, EIB Group vice president responsible for transport operations, said: “The coronavirus outbreak is challenging the EU economy in a way that would have been unthinkable until a few weeks ago. Small and medium sized companies represent the backbone of the EU economy and are the hardest hit by the current crisis, as business liquidity is drying up.

“Apart from the immediate financial support we are providing for companies during the crisis, we are glad to join forces with EUSP to also offer the most innovative start-ups operating in the field of sustainable mobility the possibility to present their projects directly to our experts.”

The development follows EIB signing up to €10.5 billion ($11.4 billion) for 81 new sustainable mobility projects in 2019.

The European Parliament and the European Commission backed EUSP has awarded 10 best startups over the past three years.

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