EU Bank Offers $49m to Clean up Water Treatment and Chemical Sector

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EU Bank Offers $49m to Clean up Water Treatment and Chemical Sector

The European Investment Bank (EIB) has signed a USD 49.3 million (EUR 40 m) loan with global chemicals company Kemira Oyj, headquartered in Finland.

The loan was made possible by the European Fund for Strategic Investments (EFSI), the central pillar of the Investment Plan for Europe, which was launched by the EIB Group and the European Commission to boost the competitiveness of the European economy.

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Image source: Kemira Oyj

Kemira will use the financing to boost its investments in research, development and innovation in chemical applications and technical solutions for water treatment, pulp and paper chemicals, and other chemicals. The aim of the project is to develop new products and technologies for the pulp and paper industry, municipal and industrial waste-water treatment as well as the mining industry. The R&D programme will be implemented in Kemira’s existing R&D centre located in Espoo, Finland, where highly specialised jobs will be maintained through the programme.

Vice-President Alexander Stubb, responsible for EIB-lending in Northern Europe, said: “Everyone knows that natural resources are limited and that we have to make optimal use of them. The research, development and innovation programme proposed by Kemira will enable industries that use a lot of water to implement more circular economy-focused models, thus mitigating climate change.”

European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: "The €40 million loan signed today by the European Investment Bank under the Investment Plan for Europe demonstrates both the EU's and Kemira's commitment to investing in the circular economy and minimising waste generation, as well as delivering growth and job opportunities. With this EU-backed financing, Kemira's R&D capabilities are reinforced to develop new products and methods for treating waste water and to research innovative solutions for example in the paper and pulp as well as mining industries."

Supporting projects like Kemira, is part of the European drive to promoting a circular economy, where the value of products, materials and resources is maintained in the economy for as long as possible, and the generation of waste is minimised - a key EU policy priority. The EIB, together with the European Commission, supports the Member States in their transition towards a circular economy by providing finance and advisory services for such projects. During the last five years the EIB has co-financed EUR 2.4 billion of circular economy projects with a positive impact on sustainable and economic growth, competitiveness and employment around Europe and beyond.

Source: EIB

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