EU invests €230 million in physics research at CERN
The European Investment Bank (EIB) and the European Organization for Nuclear Research (CERN) signed an EU-backed loan agreement worth 250 million Swiss francs (€230 million) on 19 September 2016.
The loan will finance the High Luminosity Large Hadron Collider (HL-LHC) project which represents an upgrade to increase the capacity (luminosity increase) of the current LHC accelerator at CERN.
This deal falls under the InnovFin Large Projects facility, which is part of the Horizon 2020 financial instruments. The facility supports loans to large research and innovation projects, including those conducted by large research infrastructures like CERN. This is the second EIB financing for the Geneva based research institute, following a previous loan of €300 million in 2002 to finance the building of the Large Hadron Collider (LHC).