The European Investment Bank (EIB) and Royal Philips Electronics have signed a EUR 200 million loan agreement. The 10 year loan, provided under the Risk-Sharing Finance Facility (RSFF) will be used to finance research and development (R&D) activities across a range of innovative healthcare projects, including image-guided intervention and home healthcare, in Europe.
Philips will use the EUR 200 million loan from the EIB as part of its planned research and development investment in healthcare activities in corporate technologies. These R&D activities will be focussed on 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 Enterprises (SME), research institutes and universities across Europe. Philips is the first company to receive EIB funding as a result of its efforts to fuel open innovation.
The subordinated loan is part of the EIB’s Risk-Sharing Finance Facility (RSFF), a EUR 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 by providing long-term strategic financing for RDI over the period 2007-2013. The risk capital of EUR 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.