European Commission and EIB launch new instrument to finance research and innovation

Brussels, 6 June 2007 - Yesterday the European Commission & the European Investment Bank (EIB) signed a cooperation agreement establishing the new risk-sharing finance facility (RSFF) to support research & innovation in Europe. This new instrument will help to make more financing available for promoters of research & innovation projects, which often face more difficulties than traditional business sectors in accessing finance, due to the relatively high levels of uncertainty & risk inherent to their activity. The RSFF, part of the EU's 7th Research Framework Programme (FP7) & EIB’s programme for Research & Innovation, will partially cover the financial risks assumed by the EIB when financing this type of activity. The contribution of €1 billion each from FP7 & the EIB will therefore unlock billions of additional financing in this area.