The European Investment Bank (EIB) is providing a EUR 150 million loan to AB Electrolux for the development of more energy-efficient, more user-friendly and better performing white goods and small electric household appliances.
The EIB loan will enable the company to develop innovative household goods that will consume less electricity and use fewer resources, such as raw materials in production or water during operation. Moreover, the research activities aim to increase the use of recycled materials in the production of kitchen and laundry products, which will also have improved end-of-life recyclability. The new household goods will ensure a better performance and comply with EU legislation on energy labelling and eco design, meeting tougher standards in terms of energy consumption, noise levels, pickup performance and emission limits.
Jonathan Taylor, EIB Vice-President responsible for lending in Sweden, stated, “We are pleased to be able to sign this agreement with Electrolux, as this project with its strong environmental component will contribute to achieving a resource-efficient and climate change resilient economy and society.”
Electrolux’s research, development and innovation activities will be carried out mainly in Sweden, Italy and Germany, maintaining a high level of R&D personnel and highly skilled staff. They also will involve close cooperation with European universities and research laboratories, helping to disseminate cutting-edge technologies. EIB Vice-President Jonathan Taylor commented, “Projects such as this strengthen the competitiveness of European companies, thus enhancing Europe’s position as a major technology supplier and supporting skilled employment opportunities.”
This project is a continuation of the EIB’s successful cooperation with Electrolux. Including the current operation, the EIB has provided four loans to Electrolux, making the company’s financing more cost-efficient and extending the maturity profile of its debt.
The European Union, through the European Investment Advisory Hub will advise the Italian Ministry of Justice on the implementation of innovative financing and procurement methodologies, aimed at curbing reoffending rates of ex-convicts. The European Investment Advisory Hub, funded by the European Commission and the EIB, will support the Ministry in its mission to ensure a smooth transition of inmates back into society through innovative financing models, such as social impact bonds.
To improve educational and professional opportunities in Southern Italy, the “StudioSì” fund, founded by the Italian Ministry for University and Research (MUR) and managed by the EIB, has awarded its first €2 million in cost-free loans. The fund, benefitting from a €100 million allocation of the European Social Fund (ESF), supports students from Italy’s eight southern regions who study in Italy or abroad, with zero-interest loans to finance their tuition fees and living costs.
The EIB will invest €65 million in the modernisation of primary and secondary schools in Serbia to provide new digital equipment, connectivity, and capacity building training for 50 000 school teachers. The investment from the EU bank will support Serbia’s national education strategy, upgrade digital capacities in Serbian schools and contribute to economic and productivity growth, youth employability and the advancement of the country’s innovative capacity.