Category Archives: eu

EIB, €35 million to support brain cancer treatment

Patients who suffer from the most aggressive type of brain cancer, glioblastoma, will soon have broader access to a new form of treatment thanks to financing by the European Investment Bank (EIB).

“More than 20 million people worldwide are expected to live with cancer in the year 2030 – a 50% increase from the levels of 2012,” said Ambroise Fayolle, Vice-President of the EIB and responsible for operations in Germany. “The therapy developed by MagForce has the potential to considerably ease the burden for some of those patients, and I am proud that EIB backing will actually help save people’s lives. The EU bank provides long-term and stable capital support to the company’s R&D which will enable MagForce to accelerate the market launch of new treatments. It’s this type of support for innovative companies that is crucial to strengthening Europe’s competitiveness.”

The EIB and German medical device company MagForce signed a financing agreement which will allow the company to borrow up to €35 million over the coming three years, subject to achieving a set of agreed performance criteria.

The transaction with MagForce was made possible by the European Fund for Strategic Investments (EFSI). EFSI is the central pillar of the Investment Plan for Europe, in which the EIB Group and the European Commission as strategic partners aim to boost the competitiveness of the European economy.

MagForce has developed NanoTherm therapy, a new approach to the local treatment of solid tumours. The method is based on the principle of introducing magnetic nanoparticles directly into a tumour and then heating them in an alternating magnetic field. Depending on the duration of treatment and the temperatures achieved within the tumour, the tumour cells are either irreparably damaged or sensitised for additional chemo or radiotherapy.

This approach makes it possible to combat the tumour from within, while sparing surrounding healthy tissue. The side effects of the treatment are significantly lower than those in the standard methods currently used. In addition, the NanoTherm therapy displays a high degree of efficacy proven in clinical studies. It received regulatory approval for brain cancer in Europe, and patients are already successfully treated in Germany.

EIB financing will support NanoTherm’s Europe-wide roll-out for brain cancer treatment. Furthermore, the facility will support European and global approval for prostate cancer – another oncological condition, which can be treated with NanoTherm therapy. In addition, MagForce is working on next generation nanoparticles, which will not only be able to generate heat but can also be used as drug transport mechanisms.

Ben Lipps, Chief Executive Officer of MagForce, commented: “We are honored that MagForce is backed by the European Fund for Strategic Investments. The loan will significantly enhance our financial standing and help us to roll-out MagForce’s NanoTherm therapy across Europe. It will also support the development and global commercialisation of prostate cancer solutions and MagForce’s next generation NanoTherm.”

European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: “The European Commission is committed to promoting investment in research and innovation. I am delighted that, with today’s agreement, the Plan is contributing to the development of sophisticated new treatments for cancer patients. This is a very tangible example of the powerful impact EU support for investments can bring about.”

EU action to fight 10 years of financial crisis

“Thanks to the determined policy response to the crisis the EU economy is now firmly recovering and the Economic and Monetary Union is stronger than before. We need to build on this progress, completing the financial union, reforming our economies to foster convergence, inclusiveness and resilience, and maintaining sustainable public finances. In doing so, we should pursue a balanced approach where risk reduction and risk sharing go hand-in-hand and the unity of the single market is preserved.” Said Vice-President Valdis Dombrovskis, responsible for the Euro and Social Dialogue.

The global financial crisis began 10 years ago and led to the European Union’s worst recession in its six-decade history. The crisis did not start in Europe but EU institutions and Member States needed to act resolutely to counter its impact and address the shortcomings of the initial set-up of the Economic and Monetary Union. Decisive action has paid off: today, the EU economy is expanding for the fifth year in a row. Recent economic developments are encouraging but a lot remains to be done to overcome the legacy of the crisis years. The European Commission is fully mobilised to deliver on its agenda for jobs, growth and social fairness.

Commissioner Pierre Moscovici, responsible for Economic Affairs, Taxation and Customs, said: “Ten years after the global crisis began, the recovery of the European economy has firmed and broadened. We must use this positive momentum to complete the reform of our Economic and Monetary Union. Not all legacies from the past correct automatically. We have seen greater social and economic divergences develop in and among Member States. It is essential that our work going forward contributes to the real and sustained convergence of our economies.”

EU starts application procedure to host the UK-based EU agencies

The application procedure to host the two UK-based EU agencies, the European Medicines Agency (EMA) and the European Banking Authority (EBA), came to a close at midnight last night, 31 July 2017.

The European Commission will now assess all offers in an objective manner and on the basis of the criteria set out by President Jean-Claude Juncker and President Donald Tusk, and endorsed by the Heads of State or Government of the EU27 at the European Council (Article 50 format) on 22 June 2017.

The Commission’s assessment will be published online on 30 September 2017. The Council will then have a political discussion based on this assessment at the General Affairs Council (Article 50 format) in October 2017. In order to allow for a smooth and timely relocation of the two agencies, a final decision will be taken at the General Affairs Council (Article 50 format) in November 2017.

Interested Member States had until midnight on 31 July to submit their offers to the European Commission and the Council. All offers will be made available on the website of the Council.

Werner Hoyer re-appointed as President of EIB

“It has been a privilege to serve as President of the EU bank in these challenging times, financing thousands of projects that have improved millions of people’s lives. We have helped EU countries hit hardest by the eurozone debt crisis, lent our financial muscle to the efforts of the EU to stabilise Ukraine and begun to address the root causes of migration in Northern Africa”, said Werner Hoyer re-appointed as President of European Investment Bank Group.

President Werner Hoyer is going to lead the European Investment Bank (EIB) for another six-year term, starting at the 1st of January 2018. He was reappointed today by the Board of Governors of the EIB, consisting of the Economy and Finance ministers of the 28 EU Member States.

Werner Hoyer started his tenure as President of the EU bank on 1 January 2012, and is also the Chairman of the EIB’s Board of Directors. Over the last five and a half years he has overseen a huge expansion and transformation of the Luxembourg-based bank, with the EIB Group’s annual financing increasing from EUR 55bn to EUR 84bn since 2012. The annual investment supported by this financing increased from EUR 169bn to EUR 287bn over the same period.

This increase in business was partly triggered by the Investment Plan for Europe – the Juncker Plan. Jean-Claude Juncker and Werner Hoyer worked in close cooperation to develop this concept, which has made a strong contribution to growth and job creation in the EU since its inception. Under the Juncker Plan, the EIB Group has approved EUR 44bn in financing so far, supporting EUR 225bn in investment across the EU.

 “New challenges lie ahead for us, not least coping with the loss of the United Kingdom as member of the EU bank. But I’m sure the ingenuity and expertise of the 3 000-strong EIB staff will help us to find solutions to these challenges. We will continue to deliver EU policies in the Union and worldwide.” Added Mr. Hoyer.

Before joining the EIB, Werner Hoyer was a member of the German Bundestag for the liberal party FDP for 25 years, specialising in foreign and security policy as well as European and budget affairs. He was also the Minister of State (Deputy Foreign Minister) at the German Foreign Office. He held various positions during his long, distinguished political career, among them General Secretary of the FDP, Whip of the FDP Parliamentary Group and President of the European Liberal Democratic Reform Party.

EIB finances better healthcare in the Veneto Region

The European Investment Bank (EIB) signed a loan of EUR 29 million with Ospedal Grando S.p.A., to support the design, construction and operation of the new Cittadella della Salute within the Ca’ Foncello Hospital in Treviso.

“The construction of modern, state of the art medical facilities and hospitals requires significant investment. The European Fund for Strategic Investments is playing an important and growing role in facilitating investments in the social sector. This agreement proves that the Investment Plan can deliver a social dividend, directly benefiting the citizens of Treviso, whilst also providing a boost for jobs and growth across Europe.” Said European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness.

 

Ospedal Grando will operate under a 41-year concession agreed with the local health authority, Azienda Unità Locale Socio Sanitaria (AULSS) n. 2 Marca Trevigiana.

This agreement was made possible by the support of the European Fund for Strategic Investments (EFSI). The EFSI is the central pillar of the European Commission’s Investment Plan for Europe, the so-called “Juncker Plan”.

The loan agreement will finance the refurbishment of some existing buildings and the construction of new facilities. These will include an enhanced medical centre with almost 1,000 beds and new research and logistical centres. The new and refurbished buildings will comply with the latest safety and anti-seismic structural regulations, as well as higher energy standards allowing for savings and CO2 emissions reduction.

The loan signed today will be complemented by a second loan of EUR 39m in favour of the AULSS, aimed at funding a portion of public grants assigned to this project, which is expected to be signedtomorrow. This brings the total EIB support to the new Cittadella della Saluteproject to EUR 68 million. Moreover, it is the first time that the financial benefits deriving from EIB’s lower cost of funding compared to other financers are allocated in favour of social impact initiatives.

EIB Vice-President Dario Scannapieco said: “The loan we signed today shows the EIB’s and the Investment Plan for Europe’s strong commitment to improving social infrastructure across Italy. Thousands of people in the Veneto region will benefit from state-of-the-art medical treatments and facilities, as well as less waiting time.”

EU antitrust: probing possible German car cartel

 

 

“The European Commission and the Bundeskartellamt have received information on this matter, which is currently being assessed by the Commission. It is premature at this stage to speculate further,” said European Commission.

 

Juncker Plan: EUR 225 billion in investments in EU

 

Following last week’s meeting of the European Investment Bank‘s (EIB) Board of Directors, the Juncker Plan is now expected to trigger more than EUR 225 billion in investments. This comes just over two years after the Juncker Commission launched the European Fund for Strategic Investments (EFSI) at the heart of the Plan and represents well over two-thirds of the EUR 315 billion target of total investments mobilised that was originally earmarked.

The operations approved under the EFSI represent a total financing volume of over EUR 43 billion and are located in all 28 Member States. The EIB has now approved 276 EFSI-backed operations, supported by EUR 33.7 billion in EFSI financing. The European Investment Fund (EIF) has approved 296 SME financing agreements, with total financing under the EFSI of just under EUR 10 billion. Around 445,000 SMEs and Midcaps are expected to benefit from improved access to finance as a result of these EIF agreements. Recent loan agreements made possible by the Juncker Plan’s EFSI include EUR 150 million to upgrade broadband networks in Greece, EUR 30 million to finance the construction of new state of the art facilities at the University of Latvia and EUR 125 million to support the construction of over 2,000 social housing units in Barcelona. The Commission is working closely with the Parliament and Member States towards the final adoption of the proposal to extend and reinforce the EFSI (the so-called “EFSI 2.0”)

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