Release date: 10 June 2022
Promoter – Financial Intermediary
FLORIMOND DESPREZ VEUVE & FILS SASLocation
Description
Financing of research, development and innovation (RDI) activities related to the creation, development, registration and commercialisation of new field crop seed varieties continuously adapted to changing agroclimatic conditions.
Additionality and Impact
The project concerns the financing of RDI activities of Group Florimond Desprez (GFD) in Europe, related to the creation, development, registration and commercialization of new field crop seed varieties. It will (i) support the promoter's long-term competitiveness in the seed sector through RDI investments and (ii) increase farmers' competitiveness and resilience to climate change through the creation of high performance new crop varieties.
EIB financing would accelerate the RDI efforts conducted by the Promoter, aiming at providing substantial externalities in the areas of environmental protection (reduced environmental footprint of agricultural activities), food security and climate resilience in agricultural land management. As such, the RDI programme would be entirely dedicated to Climate Action adaptation.
In addition, the project contributes significantly to the economic development of EU cohesion regions through direct and indirect employment in research.
Finally, optimal financing for a RDI-intensive firm, such as GFD, is a key for their success and sustainability. The Bank's tailor-made product would provide the company with a longer maturity than the ones available on the market, at attractive terms and aligned with the economic lifetime of the project, as well as help diversify its borrowing base. In addition, EIB financing is expected to have a positive signalling effect facilitating further funding provided by commercial banks supporting this project.
Objectives
EIB financing would accelerate the RDI efforts conducted by the Promoter, aiming at providing substantial externalities in the areas of environmental protection (reduced environmental footprint of agricultural activities), food security and climate resilience in agricultural land management.
Sector(s)
- Agriculture, fisheries, forestry - Agriculture, forestry and fishing
Proposed EIB finance (Approximate amount)
EUR 40 million
Total cost (Approximate amount)
EUR 103 million
Environmental aspects
The project concerns RDI activities within the Promoter's research centers in the EU, predominantly in Belgium, France, Germany and the Netherlands. The project's compliance with all applicable national and EU environmental legislation has been verified during the appraisal. Environmental studies or appropriate assessments will be carried out as applicable and mitigating and/or compensation measures applied as necessary.
Procurement
The Promoter has been assessed by the EIB as a private company not subject to EU rules on public procurement or concessions.
Status
Signed - 4/03/2022
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).