The European investment Bank is providing a first tranche of EUR 25 million -out of a EUR 50 million approved loan- to Bial, the leading independent pharmaceutical company in Portugal, for the financing of its research and development activities. EIB’s Vice-President Carlos da Silva Costa and Mr. José Redondo, Member of the Board of Directors of Bial, signed the finance contract in Lisbon today.

Vice-President da Silva Costa highlighted that “The EIB is happy to support Bial’s research and development activities. The advancement of pharmaceutical knowledge is an important contribution to a better quality of life of citizens. Furthermore, the Bank’s support to this private sector investment will reinforce the competitiveness of the company.  At the same time, this is an objective under the Lisbon strategy designed to boost the competitiveness of the European economy as a whole, which the EIB actively fosters through its lending operations.”

The loan will be dedicated to research and development activities on drugs for epilepsy, cardiovascular affections and Parkinson’s disease in the 2010-2013 period. The project will allow Bial to further expanding the application of Zebinix®  to include paediatric treatment and neuropathic pain; it will also enable Bial to advance the development of new drugs for the treatment of Parkinson’s disease, hypertension and pain.

The European Investment Bank is the long-term financing institution of the European Union (EU), working to further European objectives. Created in 1958, it operates in the EU’s 27 Member States and in over 130 other countries across the world. The Bank’s financing is geared to well-defined European policies. In accordance with the decisions of the Lisbon European Council in 2000, the Bank focuses on promoting the knowledge economy and is heavily involved in financing investment aimed at enhancing the competitiveness of the European economy, with a special emphasis on research and development.