EIB loan to boost industrial R&D in Finland

Brussels, 02 Jun 2004

The European Investment Bank (EIB) is to support research and development (R&D) in Finnish industrial technology with a loan of 135 million euro.

The loan will be received by Metso Corporation, a supplier of process industry machinery systems to the pulp and paper industry. The money will be used to part-finance the group's ongoing R&D programme up until 2005. Specifically, the loan will be used to fund research aimed at maintaining and developing technological leadership in papermaking machines and automation.

'The funding in support of Metso's R&D and innovation activities under the bank's Innovation 2010 initiative corresponds to the European Council's recommendations to bolster investments in human capital, industrial innovations and research,' said EIB Vice President, Sauli Niinistö.

A significant amount of the funding will be used outside the Helsinki region, and will contribute to regional development in areas such as Jyväskylä, Tampere, Pori and Valkeakoski.

The President and CEO of the Metso Corporation, Jorma Eloranta, welcomed the loan, saying that it will facilitate the continuity of technological development in the corporation.

For further information, please visit:
http:///www.eib.org

CORDIS RTD-NEWS / © European Communities
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