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The EIB approves extra funds for research and the knowledge economy

The Board of Directors of the European Investment Bank (EIB) meeting on 12 March approved more than EUR 9 billion of new loans to support long-term investment in 28 projects across the European Union, the Western Balkans, the Caucasus region, and South America. Agreed projects include improvements to education and research facilities at Oxford University and investment in advanced R&D on vehicle efficiency and agriculture. Specifically, the meeting approved a project in Italy to conduct R&D on fuel-efficient vehicles, and to another in Spain and Portugal to develop advanced plant protection and agricultural nutrition products.

In total, the EIB’s Board of Directors approved loans worth EUR 9.3 billion, of which EUR 1.9 billion should be destined to the knowledge economy and research investment. Specific loan amounts, however, are still subject to modification. The March meeting of the bank’s shareholders, all 28 EU Member States, as well as the European Commission, also discussed recent developments relating to the bank’s expected role in implementing the Investment Plan for Europe.