EIB lends USD 90m to Virbac to speed up the development of its innovative solutions for animal health
- Release date: 29 September 2017
- Reference: 2017-259-EN
The European Investment Bank (EIB) announces that on Friday 29 September 2017 it signed a finance contract worth USD 90m with the Virbac Group, the global leader in animal health. The signing ceremony took place in Carros in the presence of EIB Vice-President Ambroise Fayolle and Chairman of the Executive Board of the Virbac Group Éric Marée. It was followed by a visit of the site and laboratories.
This first financing operation between the bank of the European Union and the Virbac Group has received an EU guarantee under the Investment Plan for Europe (commonly known as the Juncker Plan), and comes with attractive financial terms tailored to this type of investment.
This EU financing will enable the Group's research and development programmes to be supported. These programmes concern, in particular, the development of new vaccines for dogs and antibiotics substitutes.
“I was delighted to sign this maiden loan today with the Virbac Group, the world leader in animal health”, said Vice-President Ambroise Fayolle at the signing ceremony. “By supporting its international R&D activities, we are providing the Virbac Group with the resources to be even more competitive with the aim of creating jobs and new skills. This financing, which is benefiting from Juncker Plan support, illustrates the priority we are giving to innovation. It is also at the heart of the objectives of the investment plan announced by the Prime Minister on Monday.”
With innovation and R&D as one of its key priorities, the EIB Group provided EUR 13.5bn to innovative projects across Europe in 2016, supporting research programmes from large groups and innovative enterprises. In France in 2016, 38% of the EIB Group's total investment of EUR 9.3bn was devoted to supporting companies, innovation and R&D.