Carlos Moedas, European Commissioner for Research, Science and Innovation, said: "This loan under Horizon 2020, the EU's research funding programme, will help keep CERN and Europe at the forefront of particle physics research. It's an example of how EU funding helps extend frontiers of human knowledge."

This deal falls under the InnovFin Large Projects facility, which is part of the new generation of financial instruments developed and supported under Horizon 2020 (IP/14/670). The facility supports loans to large research and innovation projects, including those conducted by large research infrastructures like CERN. This is the second EIB financing for the Geneva based research institute, following a previous loan of €300 million in 2002 to finance the building of the Large Hadron Collider (LHC).

Ambassador Peter Sørensen, Head of the EU Delegation in Geneva, noted on the day of the signature: "The EU has already supported CERN's activities with over EUR 1 billion in grants over the last decade. Today's agreement shows that EU financial instruments can bring the world of science and the world of finance closer together. I wish that it serves as a example for other research infrastructures and institutes, showing that InnovFin is here for them and can open up opportunities."

Background

InnovFin Large Projects is part of "InnovFin – EU Finance for Innovators", the new generation of EU financial instruments and advisory services that was developed under Horizon 2020 aims to improve access to risk finance for large research and innovation projects. Loans and guarantees from €25 million to €300 million will be delivered directly by the EIB.

About Horizon 2020

On 1 January 2014, the European Union launched a new research and innovation funding programme called Horizon 2020. Over seven years, about €77 billion is invested in research and innovation projects to support Europe’s economic competitiveness and extend the frontiers of human knowledge. The EU research and innovation budget is focused mainly on improving everyday life in areas like health, the environment, transport, food and energy. Research and innovation partnerships with the pharmaceutical, aerospace, car and electronics industries also encourage private-sector investment in support of future growth and high-skilled job creation.