EIB Grants Wärtsilä R&D Loan
Monday, November 10, 2003
The European Investment Bank (EIB) has granted Wärtsilä a research and development loan of EUR 100 million. Wärtsilä will use the loan to develop the competiveness and environmental performance of the engines. The goal is to reduce running costs and to ensure sustainable development throughout the life cycle of the engines.
The European Investment Bank funds research and development that supports the long-term competitiveness of businesses in the EU.
"The EIB loan is of major importance in developing our business. In an environment where increased price competition challenges production in Europe it emphasizes the importance and capabilities of European R&D," said Mr Ole Johansson, President & CEO of Wärtsilä.
Mr. Sauli Niinistö, EIB Vice-President, said: "The EIB is pleased to be supporting a project which, in terms of its environmental benefits and innovative aspects, fits in so well with two of the Bank's key policy objectives of innovation and environmental protection. This is also the first industrial R&D facility in Finland for the EIB."