ANNOUNCEMENT 09 Jul 2018

In July 2018, the European Investment Bank (EIB) signed a loan agreement with GEA Group AG to support its product development of machinery used for packaging and processing in the food industry among others.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

The European Investment Bank, Financed Projects, INNOVATIVE PROCESS TECHNOLOGIES: http://www.eib.org/en/projects/loan/loan/20170876
The European Investment Bank, Project summary, Project No. 20170876, Project name: INNOVATIVE PROCESS TECHNOLOGIES: http://www.eib.org/en/projects/pipelines/pipeline/20170876
The European Investment Bank, press release of 10 July 2018, GEA broadens funding base: http://www.eib.org/en/infocentre/press/releases/all/2018/2018-186-gea-broadens-funding-base
GEA Group AG, Our Company: https://www.gea.com/en/company/at-a-glance/our-company/index.jsp

Inception date: 09 Jul 2018 | Removal date: open ended

State loan

The loan agreement between the European Investment Bank (EIB) and GEA Group AG was signed on 9 July 2018 and has a total value of EUR 150 million (approx. USD 176 million).

More specifically five loan agreements were signed with GEA Group AG to support the company's project concerning its product development of machines and processes for "dairy farming and processing, food, beverages, pharma, chemical, utilities and marine applications". EUR 15 million (approx. USD 17.6 million) is granted to the Italian project location, EUR 100.5 million (USD 118 million) is granted to the German project location, EUR 12 million (USD 14 million) is granted to the Danish project location, EUR 13.5 million (approx. 16 million) is granted to the Dutch project location and EUR 9 million (approx. 10.6 million) is granted to the European Union project location in general.

GEA Group AG has its headquarter in Germany and is a provider of machines and process technology for the food industry as well as a number of other industries.

In this context, Ambroise Fayolle, the EIB Vice-President responsible for EU bank’s business in Germany, stated in a press release: "Europe continues to face major competitiveness and innovation challenges. As the EU bank, we therefore support investments that lead to greater innovation, technological skills and competitiveness. This is part of our task of strengthening Europe’s economy on a sustainable basis, because innovation and skills are key to creating sustainable and high quality jobs, especially in a country like Germany that competes globally. So I expressly welcome the continuation of our fruitful cooperation with GEA through this transaction."

AFFECTED SECTORS