EIB supports public sector research in Galicia by providing EUR 100m

This is the EIB's second operation with the Xunta designed to finance RDI in public sector universities in Galicia.

The European Investment Bank (EIB) is set to support public sector research in Galicia by providing EUR 100m to finance research, development, and innovation (RDI) projects developed by public sector universities in the region. The agreement signed today by EIB Vice-President Emma Navarro and the Finance Minister of the Xunta de Galicia (Galician Government), Valeriano Martínez, will contribute to the implementation of the Smart Specialisation Strategy put in place by the Xunta de Galicia to drive innovation-based economic growth. It will also make it possible to develop patents and keep research talent in the region, helping to safeguard almost 900 highly qualified RDI jobs.

The EIB is providing these funds under the InnovFin Science programme, a joint initiative of the EIB Group and the European Commission designed to support research and innovation in Europe, with the support of the EU's Horizon 2020 research and innovation programme. In concrete terms, the financing is being provided using the InnovFin instrument specifically designed for research organisations and universities – RIURO.

The funds will benefit an estimated 170 research groups connected to public sector universities in Galicia over four years until late 2023. These groups will conduct research focused on fields including biotechnology, information technology, and health sciences. They will also contribute to climate change adaptation and mitigation in Galicia by studying the region's vulnerabilities with respect to this challenge and strategies to overcome it. The RDI activities will also promote the development of the Blue Economy, which focuses on sustainably unlocking the potential of seas and oceans.

During the signing ceremony in Santiago de Compostela, EIB Vice-President Emma Navarro, who is responsible for the Bank's operations in Spain, said: “Fostering innovation is one of the EU bank’s priorities, owing to its key role in generating wealth and employment. We are therefore pleased to be joining forces with the Xunta to support public sector research in Galicia. By signing today’s agreement, we are contributing to the development of patents and lines of research in important areas such as biotechnology, health sciences, climate action and protection of the oceans, while helping to retain talent and safeguard highly qualified jobs in the region”.

Mariya Gabriel, European Commissioner for Innovation, Research, Culture, Education, and Youth, said: “We are supporting public sector research in Galicia with EU funding to create jobs for young researchers and help develop the region’s smart specialization strategy. Thanks to this, Galicia should have a competitive advantage in marine research and health sciences.”

The Finance Minister of the Xunta de Galicia, Valeriano Martínez, added: “With this agreement, the Government of Galicia is placing its money on strengthening our region’s innovation capacity and climate action policy by cofinancing the RDI activities carried out by the universities of Santiago de Compostela and Vigo over the period 2020-2023. This operation demonstrates the Xunta de Galicia’s commitment to supporting research and innovation as key elements of economic growth and quality job creation”.

This is the EIB's second operation with the Xunta designed to finance RDI in public sector universities in Galicia.  The first, signed in 2013 and totaling EUR 70m, made it possible to stimulate patent production and job creation at the University of Santiago de Compostela.