Luxemburg, 05/06/2007 (Agence Europe) - On Tuesday, the European Commission and the European Investment Bank (EIB) joined forces to set up the Risk Sharing Finance Facility (RSFF) to support research and innovation in Europe. This instrument, part of the 7th Community research programme and the EIB programme for research and innovation, will partially cover the financial risks assumed by the EIB when financing this type of activity. It will have funding of €2 billion (up to €1 billion from each institution) and will put more funding at the disposal of promoters of research and innovation projects. “By targeting higher risk financing in support of research & innovation projects, the facility will in an efficient way complement the existing support instruments including national and EU grants as well as market debt and equity funding”, said Philippe Maystadt in a press release. The memorandum of understanding was signed at the same time on Tuesday by Science and Research Commissioner Janez Potocnik in Hamburg and by the President of the EIB in Luxemburg, where he was taking part in a meeting of the Bank's Board of Governors. (ab