CERN to receive 300 million euro loan for development of Hadron Collider
The European Investment Bank (EIB) has announced that it is to loan 300 million euro to CERN, the European Nuclear Research Organisation. Not only will the loan finance the last phase in the construction of the Large Hadron Collider (LHC), but it will also be used in the recording and analysis of high energy particle collisions. The loan was foreseen and agreed upon by CERN's governing council when the LHC was initially approved in 1996. CERN's research in the area of physics has ensured that Europe takes a leading position in the field of particle physics, while the Large Hadron Collider is an unprecedented tool for the advancement of fundamental physics. According to Prof. Luciano Maiani, Director General of CERN the loan is 'a powerful endorsement of Europe's commitment to fundamental research at the highest level.' EIB president Mr Philippe Maystadt commented on how the loan will benefit scientific research and excellence 'The EIB is helping to build a unique European research programme that is crucial to ensuring that Europe keeps the lead in fundamental and particle physics research. CERN provides the means to exploit new ideas and discoveries leading to important new applications.' EU Commissioner for Research Phillipe Busquin also welcomed the news: 'This funding method helps us to maintain this position, whilst at the same time providing valuable lessons in other fields. European science policy needs to go beyond the framework programme to successfully and efficiently mobilise various financial resources for science and technology.' The Large Hadron Collider will also be of paramount important to fuelling a knowledge economy, as the project will generate a competitive working environment for scientists and engineers in the areas of research and training in Europe. Following the guidelines set out at the Lisbon Summit in 2000, the EIB has been active in promoting EU policies for European research and development (R&D) and the dissemination of innovation. Alongside the European Commission, the EIB contributes to financing EU advanced technological research and to setting in motion the Sixth Research Framework Programme.