EU officials have drafted a plan that envisages the creation of a sovereign wealth fund that would invest €100 billion in European digital startups.

The fund is specifically aimed at technological scouting, a move that would accelerate the growth of a European equivalent to Google, Apple, Facebook, Amazon and a direct challenger to China’s Baidu, Alibaba, and Tencent. While the EU remains a global leader in digital market regulation, the region severely lags behind in innovation and investment compared to the United States and China, particularly in developing platforms of global significance.

According to an internal European Commission document leaked to the press, the so-called “European Future Fund” has yet to gain the approval of all 28 members of the bloc. The European Commission’s Chief Spokeswoman, Mina Andreeva, recently told the press that the incoming President of the European Commission, Ursula von der Leyen, had yet to approve the plan.