Xylem, EIB Finalize €120M Research, Product Development Financing Partnership
Xylem Inc. (NYSE: XYL), a leading global water technology company focused on addressing the world's most challenging water issues, has today signed a $158 million (€120 million) financing agreement with the European Investment Bank to fund innovative and aspirational research and development (R&D) projects across Europe. The deal underscores the EIB's involvement in the water sector and is part of the The Risk Sharing Finance Facility (RSFF) initiative run by the EIB and the European Commission to promote R&D in the European Union. Representatives of Xylem and the EIB convened today in Luxembourg to commemorate the formal signing of the agreement.
The funds will be available from 2013 to 2014 as loans to finance the research and development of solutions to a range of complex challenges facing the water industry, including developing new innovative and sustainable products and services for biological water treatment, desalination, filtration and disinfection as well as improving the control of such processes. The research projects will take place at Xylem's facilities in the U.K., Germany, Italy, Austria, Sweden, Norway and Hungary.
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