Borealis Receives Loan for Polymer R&D
Borealis AG, Vienna, Austria, is receiving support from the European Investment Bank (EIB) for further research and development (R&D) in the field of plastic raw materials, i.e. polymers.
With a long-term EUR 150 million loan, the EU bank is helping to finance product innovation in the area of advanced polymers. The two parties signed the loan contract on January 28, 2014 in Luxembourg. With this loan, the EIB is supporting Borealis’ multi-annual investment programme at the company’s innovation headquarters in Austria as well as in Finland and Sweden where it has other innovation centres. The project focuses primarily on product innovation in the area of advanced polymers. In addition, the funds will be used to finance the firm’s vocational training programme.
Borealis is receiving this loan under a financing programme implemented jointly by the EIB and the European Commission. This so-called Risk-Sharing Finance Facility is an innovative instrument for sharing credit risks. It is aimed at improving access to external financing for private companies and public institutions promoting projects presenting a high financial risk in the fields of R&D, demonstration and innovation. The financing of R&D is one of the EIB’s top priorities. In the past year alone, its total lending in this area amounted to EUR 15.6 billion.
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