Europe’s Investment Bank (EIB) has signed a EUR50m (US$56m) financing agreement with Estonian ride-hailing platform, Bolt.

The financing will support Bolt’s research and development activities to improve the safety, reliability and sustainability of its services, which range from ride-hailing and car-sharing to bike-sharing and food delivery.

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The backing is guaranteed by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.

“Estonia is at the forefront of digital transformation in Europe,” said European Commissioner for the Economy, Paolo Gentiloni.

“Europe, through the Investment Plan, supports Estonian platform Bolt’s research and development strategy to create innovative and safe services that will enhance urban mobility.”

As of December, 2019, the Investment Plan had mobilised EUR458.8bn of investment across the EU, including EUR1.3bn in Estonia and supported more than one million start-ups and small and medium businesses.

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