4th Sep 2015 08:37
LONDON (Alliance News) - The European Investment Bank on Friday said it is putting up GBP280 million in a loan over seven years to support the research and development of Rolls-Royce Holdings PLC's aero engines.
The loan is meant to support the development of the higher thrust version of the Trent XWB aero-engine.
The EIB said the loan is one of the largest it has ever agreed with a UK company. It said it has provided more than GBP723 million for investment by Rolls-Royce in the UK in the last decade, as well as supporting the company's research and development elsewhere in Europe.
"Investment to help develop new engines builds on the unique strengths of Rolls-Royce and will help to ensure that cutting edge skills and engineering techniques build better and more efficient engines for the global airline market,? said Jonathan Taylor, European Investment Bank Vice President, during a visit to Rolls-Royce's facility in Derby, UK, which is the production centre for the Trent XWB.
Shares in Rolls-Royce were down 1.5% at 726.00 pence on Friday morning.
By Samuel Agini; [email protected]; @samuelagini
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