EIB funds aerospace R&D effort

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AMSTERDAM, Netherlands, March 18 (UPI) -- An aviation/environmental project by the EADS Group of the Netherlands has gained an additional $392 million in EU financing.

The research and development project aims to develop innovative products aimed at reducing the effects of aviation noise and pollutant emissions on the environment and promote energy efficiency.

The funding was given by the European Investment Bank. It is the second tranche under a 2011 agreement and brings total EIB funding for the project to almost $1.1 billion.

"This first major loan following the EIB's capital increase demonstrates our priority commitment to innovation and R&D in Europe," said EIB Vice President Philippe de Fontaine Vive. "The bank aims to help develop a successful and competitive economy by focusing on leading-edge technologies, which hold the key to the future in terms of sustainable economic development.

"This sector is also a source of employment for young people."

Harald Wilhelm, Chief Financial Officer of EADS and Airbus, said: "Innovation and research are at the heart of EADS' mission and essential to guarantee the long-term success of the group.

"The EIB is one of our privileged finance partners, which has been supporting EADS for several years in developing ever innovative technologies. We very much appreciate this new agreement which demonstrates the solidity of our relationship and our joint will to accompany the sustainable development of air transport."