State aid approved for cardiovascular research centre in Ireland
Plans to build a new centre for endovascular and coronary research and development (R&D) in Galway, Ireland, have been approved by the European Commission under the EU Treaty's rules on state aid. The centre is an initiative from US-based Abbott Vascular Devices. The company will receive public funding in order to reduce the level of risk linked to this type of work, and to assist the development of Abbott Vascular Devices in the Border Midlands and West regions of Ireland. The Commission considers that the planned state aid does not threaten to distort competition. The project will be spread over three years (2005-2007), and has a budget of 39 million euro. 'I am pleased to endorse aid which promotes innovation and helps to create jobs, especially if it also supports the Commission's regional development policy,' said EU Competition Commissioner, Neelie Kroes. The centre is expected to create 50 high level jobs by 2007, and up to 80 by 2009.
Countries
Ireland