EUR 175 million in new EIB finance for knowledge economy in Turkey

12-11-2012 — /europawire.eu/ — The European Investment Bank (EIB) is providing EUR 175 million in support of the knowledge economy in Turkey. The purpose of the project is to strengthen the science system and improve research and innovation capacity in the Republic of Turkey. The facility is financing two of the largest national R&D support programmes implemented by TÜBITAK:

– the Academic Research Funding Programme, providing project-based grants for fundamental research carried out by universities and by public as well as private research centres and

– the Industrial R&D and Innovation Programme, facilitating collaboration between industry and universities in order to boost the global competitiveness of Turkish private companies and further support the development of an entrepreneurship culture.

The Turkish business community and society at large will also benefit because they will be able to make use of the outputs of the R&D programmes to improve innovation and increase productivity and economic growth.

EIB Vice-President Pim van Ballekom commented on this occasion at the EIB’s headquarters in Luxembourg: “I am delighted that after the successful implementation of the two projects that we financed in 2010, we are now renewing our support for TUBITAK. In this way, we are reaffirming our commitment to smart growth by promoting leading-edge research and educational excellence in Turkey. This project is a good vehicle to reach this goal, as it will not only benefit future generations, but develop specialist skills, drive innovation and enhance economic growth in the country.”

The project is consistent with the Turkish Government’s strategy of supporting R&D infrastructure as a foundation of smart growth. It is also fully in line with EU priorities concerning the strengthening of the common European Research Area and the integration of Turkey into this area. Since 2008, the Bank has financed 5 projects fostering the knowledge economy and R&D, providing some EUR 1.4 billion for smart growth in Turkey.

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Helen Kavvadia
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