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First EIB loan for Turkish innovation awarded

The European Investment Bank has awarded €55 million in loans to a Turkish car manufacturer for innovation and research projects.

The European Investment Bank signed a loan agreement with Türk Otomobil Fabrikası A.Ş. (Tofas), Turkey’s main car manufacturer, on 6 November. The is the first loan to Turkey supported by InnovFin-EU Finance for Innovators programme, which is funded with Horizon 2020 money.

It is expected that InnovFin-EU will make over €24 billion of financing for research and innovation loans available throughout the next seven years.

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