EIB supports Lisbon strategy with 3.6 billion euro
In 2002 the European Investment Bank (EIB) allocated 3.6 billion euro to projects supporting the EU's Lisbon strategy for an information and knowledge-based economy, and has made lending in this area a priority until 2010. The EIB's annual report shows that nearly two thirds of this figure (2.1 billion euro) was used to support 15 research projects under the 'initiative 2000 innovation' (i2i) scheme. This brings the total amount of lending under the i2i programme to 3.8 billion euro since its start in May 2000. Since May 2000, the EIB has signed contracts worth 10.8 billion euro for investment in research and development, information and communications technology networks, the dissemination of innovation, and human capital creation, particularly education infrastructure. This is in line with the bank's commitment of 12 to 15 billion of lending in this sector by the year 2003. With the long term objective of creating a more innovate European economy, the EIB has also extended its initial support beyond 2003 and made it a priority for its lending until 2010. Support for innovative projects was not limited to certain regions in the EU. A special effort was made to identify projects in the less favoured regions, and 60 per cent of the total loans signed thus far were channelled into the EU's assisted areas. An additional seven per cent went to the EU's candidate countries.