The European Investment Bank and Royal Philips Electronics have signed a €200m loan agreement to boost European R&D initiatives in healthcare.
Philips is the first company to receive EIB funding as a result of its efforts to fuel open innovation.
The 10 year loan, will be used to finance R&D activities across a range of innovative healthcare projects, including image-guided intervention and home healthcare, in Europe.
Philips will use the €200 million loan from the EIB as part of its planned research and development investment in healthcare solutions such as image-guided intervention and therapy, home healthcare, and clinical decision support systems.
The R&D will take place in an open innovation environment, collaborating with small and medium sized enterprises (SMEs), research institutes and universities across Europe.
Simon Brooks, European Investment Bank vice-president responsible for activities in the Netherlands said "The EIB looks forward to working closely with Philips, and indirectly with Medtech SMEs around Europe, to enable exciting healthcare research which leads to next-generation technologies and innovative clinical applications.”
Brooks added: We recognize Philips' long-standing commitment to open innovation which has been instrumental, with the help of many of its R&D partners, to turn the Eindhoven region into a leading European science and technology hub."
Rick Harwig, Philips' chief technology officer stated that "This strategic finance agreement demonstrates the EIB's willingness to put its weight behind such important matters like open innovation while recognising Philips' leading role to drive this development, particularly in Europe.”
The subordinated loan is part of the EIB's Risk-Sharing Finance Facility (RSFF), a €10 billion facility, jointly developed by the European Commission and the EIB. The RSFF aims to stimulate research, development and innovation investment in European firms.
The risk capital of €2 billion that underpins RSFF is co-funded by the EIB and by the European Commission through The European Union's 7th Framework Programme for Research, Development and Demonstration.
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