Reports suggest that Brussels is looking to centralise the majority of its current finance programmes.

European Union officials are studying proposals that would involve the creation of a new, supersize investment fund to replace the majority of Brussels-based funding programmes, Science Business has this week reported.

The news services said it had seen a draft of a European Commission report due to be published in the summer which plans to create a single entry point for EU investment, loans and guarantees from 2020. This service would be known as InvestEU.

At present, the EU runs more than 30 investment programmes, 16 of which have been established since the start of the current budget period in 2014. But officials are now concerned that the volume of such services has begun to reduce the overall effectiveness of the EU’s attempts to stimulate entrepreneurship and public-private partnerships.

The report follows news earlier this month that the European Commission had launched a new €2.1bn ($2.6bn) venture capital fund-of-funds programme in collaboration with the European Investment Fund (EIF). VentureEU, as the programme is to be known, is being set up to increase investment into innovative startup and high-growth businesses across Europe.

The fund will receive €410m from the EU with the remainder expected to be raised from the private sector as well as other public sector bodies. The commission hopes to generate €6.5bn of new investment, thereby doubling the amount of venture capital currently available in Europe.

Under the VentureEU umbrella, six funds-of-funds will be created in a bid to help Europe bridge the financing gap that currently exists between it and the United States. Each fund will be managed professionally and will adopt a “market-driven approach”, according to the European Commission.