Luxembourg, 17/11/2003 (Agence Europe) - On 10 November, the European Investment Bank (EIB) signed a loan agreement for the EUR 100 million to Wärtsilä Oyj, one of Finland's oldest industrial companies. Wärtsilä is one of the world's leading suppliers in two niche segments: gas and diesel fired engine and propulsion systems for the shipping industry as well as large independent power generation units. The EIB part-financed project focuses on a Research & Development (R&D) programme, which aims at developing innovative solutions for achieving greater energy efficiency and reduced emissions of internal combustion engines produced by Wärtsilä. Wärtsilä's R&D, set up in close cooperation with local universities and other research centres, has many pioneering aspects from a technological point of view and tangible environmental benefits. The company, where R&D is an essential part of it! s strategy, has the intention to produce engines that already comply with future regulations. Wärtsilä's main R&D centre is located in Vaasa (Finland). Improving the efficiency of large marine engines and electricity generation units will result in significant energy savings and CO2 reductions and is consistent with the Climate Change Strategy of the European Investment Bank. Further environmental benefits include reduction in NOx emissions and improved safety standards on ships. Furthermore, the investment falls under the EIB's Innovation Initiative, a programme that was recently renewed and which will remain a key priority for the Bank as far ahead as 2010.