Rolls-Royce will receive a £280 (381€ or $425) million loan to help develop the company's new engines.
The 7-year loan, from the European Investment Bank, is one of the largest ever agreed between the bank and a UK company and will support the development of the higher thrust version of the Trent XWB aero-engine made in Derby.
The European Investment Bank has loaned Rolls-Royce more than £723 (984€) million for investment in the UK in the last decade, as well as supporting research and development by the company elsewhere in Europe.
Jonathan Taylor, vice president of the European Investment Bank, said: "The European Investment Bank is committed to supporting long-term investment in research and development across Europe.”
"We are pleased to have helped strengthen manufacturing by Rolls-Royce in Derby over many years.
"Investment to help develop new engines builds on the unique strengths of Rolls-Royce and will help to ensure cutting-edge skills and engineering techniques build better and more efficient engines for the global airline market."
The 97,000lb-thrust Trent XWB-97 engine is currently undergoing a rigorous test regime as it prepares for its first flight later this year and subsequent entry into service on the A350 XWB-1000 in 2017.
Based on the article “Huge £280m loan will give thrust to new Rolls-Royce engine” published in DerbyTelegraph
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One of our very best export companies and it has to go cap in hand to the European Investment Bank for a loan. Where is our government support? A government that has paid £billions of public money to corrupt banks. Why aren't they supporting our engineering base?ReplyDelete
I suspect Government support would come under state funding which could trigger a WTO row which Airbus and Boeing already know a lot about...ReplyDelete
I wouldn't be surprised.ReplyDelete