UK college to upgrade research facilities with EIB loan

Brussels, 02 Apr 2003

The European Investment Bank (EIB) is lending 33.58 million euro to the UK to upgrade research facilities at the Imperial College in London.

The loan will be used to refurbish and expand facilities for research and development (R&D), in particular in the medical and biochemistry faculties.

'This investment is in support of the UK government's policy to promote enterprise, skills and innovation, and meets the aims of the EIB's own 'Innovation 2010 Initiative' (i2i) programme to encourage the development of a European knowledge based economy,' said EIB Vice President, Peter Sedgwick.

'[W]e will invest in the modernisation of high performing university research facilities and science-based education infrastructure. In the longer-term, this will contribute through commercial development spin offs to introducing innovation amongst local small and medium sized enterprises,' added Mr Sedgwick.

CORDIS RTD-NEWS / © European Communities