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The European Investment Bank (EIB) has granted ITP (Industria de Turbo Propulsores) a EUR 119 million loan for financing its research, development and innovation (RDI) activities. EIB Vice-President Román Escolano and ITP’s CEO Ignacio Mataix signed the loan agreement in Madrid.

The loan will finance the development and implementation of technologies designed to enhance the efficiency and reduce the fuel burn of gas turbines in commercial aircraft and to improve their acoustic footprint.  It will also support the development of lighter turbines, which itself will have a direct impact on fuel consumption and CO2 emissions.

The investments financed will be carried out at the company’s research facilities in Alcobendas and Ajalvir (Madrid) and Zamudio (Vizcaya) over the period 2014-2017. The EIB granted a first EUR 50 million loan of this type to ITP in 2011.

This operation forms part of the EIB’s support for RDI investment and the knowledge economy as key tools for boosting the competitiveness and increasing the growth potential of the European economy. At the same time it will help to improve the environmental impact of air transport.