EIB finances Polish Academy of Sciences’ scientific and academic research with EUR 130m loan
European Investment Bank (EIB) Vice-President László Baranyay and Polish Minister of Finance Paweł Szałamacha today signed a loan agreement providing the Polish Academy of Sciences with EUR 130 million for the scientific and academic research of the Academy and its specialised research institutes. This loan, together with the 14 previous loans extended since 2004 to co-finance science in Poland, underpins the EIB’s long term commitment to support Polish public research programmes at various levels and in various disciplines.
“The European Investment Bank, with its long-term financial support granted on attractive terms to the State Treasury, local governments and private companies, is our strategic partner, along with other international financial institutions. The EIB’s involvement in Poland amounts to over EUR 5 billion a year”, said Finance Minister Szałamacha. “By signing this agreement today, the EIB once again supports the implementation of investment in science, research and development in Poland. Investment in research and development is one of the priorities of Prime Minister Beata Szydło’s Government. Thanks to the EIB resources, the investment projects carried out by scientific institutes and research centres that are members of the Polish Academy of Sciences will be financed in 2016 and 2017. This new agreement is a continuation of a PLN 600 million loan contract signed in 2013”, he added.
László Baranyay, EIB Vice-President responsible for lending in Poland, said: “Backing investments that are geared towards innovation, skills and greater competitiveness is part of the EIB’s mission to support growth and jobs in Poland and Europe as a whole. We are proud to support the Polish Academy of Sciences, the country’s most prestigious scientific institution, as its members promote scientific excellence and the dissemination of research results. This project consolidates the foundations for the growth of the Polish economy, which is progressively becoming knowledge-based, by facilitating the transition from an economic performance based on competitive labour costs to boosting the value added chain of Poland’s innovation capacity”.
The EIB’s loan will finance as part of this project mostly intangible investments, such as research and development in different disciplines, but also tangible investments, such as scientific equipment.
The project advances the foundations of the knowledge-based economy and reinforces excellence in science by improving skills and internationalisation, both of which will have direct and indirect effects on employment via increased productivity of the economic fabric, notably in the transition from a system based on competitive labour costs to an economic structure that will be able to attract foreign direct investment and stimulate in-house research and the development of Polish companies.
This project improves the competitiveness of Poland and its technological agenda, as well as fostering growth and employment, in particular high-quality jobs. Moreover, the Polish Academy of Science supports the training of young researchers and promotes PhD studies, thereby contributing to the upgrading of skills and youth employment.