Luxembourg, 20/06/2014 (Agence Europe) - A new generation of EU financial instruments and advisory services to help innovative firms access finance more easily has been launched by the European Investment Bank (EIB) in a project known as “InnovFin - EU Finance for Innovators” to make available more than €24 billion of financing from now until 2020 for research and innovation (R&I) by small, medium and large companies and the promoters of research infrastructure.
The funding takes the form of loan guarantees or bank loans to help companies gain finance easier and more rapidly (within between three and six months) for innovation. Roger Havenith of the European Commission says that the new programme, unlike the first, will cover all member states and will provide a geographical and sector-wide balance.
The EIB is providing €75 million to Belgian company UCB to develop new medicines and €25 million to Finnish company Rovio Entertainment, creator of the Angry Birds game, to develop new mobile technologies. (MB)