Airbus parent EADS has inked a €300 million ($388.6 million) research and development loan with the European Investment Bank (EIB).
The fresh funding builds on an initial €500 million agreement signed in August 2011, taking the total EIB-backed financing under the deal to €800 million.
“This project is focused on developing innovative products aimed at reducing the impact of aviation on the environment in terms of energy efficiency, pollutant emissions (CO2, nitrogen) and noise,” EIB and EADS said in a statement. “It will serve to develop efficient solutions that will have a direct impact on aeronautics design and production, e.g., by improving aircraft aerodynamics and optimizing safety and flight control systems.”
The EIB is the long-term lending institution of the European Union. Recently Europe’s member states agreed to increase EIB’s capital by €10 billion so it could support projects that drive growth and employment in Europe. This marks the first major loan following that capital increase.