UK science in line for £500m boost from EU
pharmafile | October 20, 2010 | News story | Research and Development | UK Biobank, UKCMRI, biotech funding, life sciences, science parks
The European Investment Bank has unveiled a £500 million package of loans to boost the UK’s science and education base through projects that include the construction of science parks and incubator facilities.
The European Union’s lending institution provides long term debt financing for projects that further EU economic policies, and has been active in the UK since 1973.
Its new education and innovation targeted financial package will go to three UK banks, and is part of a drive by the European Investment Bank (EIB) to support and strengthen the UK’s knowledge economy.
EIB’s vice president Simon Brooks said: “The UK knowledge economy investment programme will contribute to funding new and improved education and innovation facilities across the country. Improving knowledge, skills and research is crucial for Britain’s and Europe’s future.”
The first tranche of the UK Knowledge Economy loan will provide £150 million to be shared with higher and further education facilities. Further funding will be available next year as additional projects are indentified and other banks are expected to join the programme.
Overall investment in projects supported by the UK Knowledge Economy loan is expected to reach more than £2 billion.
Dr Vince Cable, UK secretary of state for business innovation and skills, said: “It is good to see the EIB continue to recognise the leading role that British universities, scientists and businesses play in innovation and technology development in Europe, and the world class companies that emerge from our research base.
“Research and innovation are key drivers of the government’s ambition to rebalance our economy and to go for growth. The science and research community is very successful at securing funding from a diverse range of sources, so this new loan facility will be a welcome addition to the options available for universities and science parks in the UK.”
Brett Wells
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