EIB doles out over $300M to Philips for open innovation initiatives

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A loan agreement provided under the European Investment Bank’s (EIB) Risk-Sharing Finance Facility (RSFF) has doled out a 10-year, EUR 200 million ($302 million U.S.) loan for finance research and healthcare development for image-guided intervention and clinical decision support systems to Royal Philips Electronics.

Philips is the first company to receive EIB funding for open innovation programs and the company reports that it will collaborate with small and medium enterprises, research institutes and universities throughout Europe.

The RSFF is a $10 billion resource established by the European Union and EIB that provides financial opportunity for research and development initiatives through 2013.