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Electronics Production | December 02, 2009

Philips sign €200 million loan agreement with EIB

The European Investment Bank (EIB) and Royal Philips Electronics have signed a €200 million loan agreement. The 10 year loan will be used to finance research and development (R&D) activities in Europe.
Philips will use the €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.

Rick Harwig, Philips’ CTO stated that “This strategic finance agreement demonstrates the EIB’s willingness to put its weight behind such important matters like open innovation while recognizing Philips’ role to drive this development, particularly in Europe. The EIB is an ideal financing partner especially as our R&D projects require long-term, sustainable commitment and funding.”

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