The European Investment Bank (EIB) provides a loan of EUR 65 million for the general rehabilitation of the Vienna University of Economics and Business Administration (Wirtschaftsuniversität Wien) and the construction of six higher education and research facilities in Austria. The Project supports the Austrian National Innovation Plan that aims at improving the cooperation between university research and R&D of industry.
The Project includes the general rehabilitation of the Vienna University of Economics and Business Administration (Wirtschaftsuniversität Wien) and the construction of six higher education and research facilities in Austria. The new facilities comprise the Innsbruck ICT Technology Park, the Centre for Molecular Biosciences of the Karl Franzens University of Graz and the Frank Stronach Institute in Graz. The Project also includes three new research buildings (Kompetenzzentren) in Graz accommodating the Large Engines Research Centre, the Austrian Bio-energy Research Centre and Virtual Vehicle Research Centre.
Bundesimmobiliengesellschaft m.b.H (BIG), Vienna is the Project Promoter. This company, which is wholly owned by the Federal Republic of Austria, manages school and university and other administrative buildings in Austria. On an earlier occasion, the EIB had already provided to this company a EUR 250 mil loan for financing the upgrading of Austrian school buildings.
The new loan corresponds with EIB's lending priority of supporting investment that contribute to more knowledge-based society and economy in Europe, an objective that had been fixed at the EU Lisbon Summit in 2000. The EIB therefore supports investment in education, R&D and innovation in order to increase the productivity and the competitiveness of the European economy.
The task of the EIB, the European Union's financing institution, is to contribute towards the integration, balanced development and economic and social cohesion of the Member States by financing sound investment. Outside the Union, the EIB supports European development aid and cooperation policies.
Since 1998 the EIB has provided loans to Austria exceeding EUR 5 billion. Recent EIB loans which support investment in research, development and innovation diffusion towards modern production technologies include projects promoted by Böhler-Uddeholm, Voestalpine Schienentechnik and Villach Automotive Chips.