Organisation: European Investment Bank
Position in the organisation: Head of Innovative Industries Division – Projects Directorate
Biography note: Laura PIOVESAN works at the European Investment Bank (EIB), the EU’s long-term financing institution headquartered in Luxembourg. Since joining the Bank in 2000, her prime role has been to carry out techno-economic assessments of projects requesting EIB funding. Initially working in the chemical, pharmaceutical and related sectors, she is currently heading the team within the EIB that is responsible for the due diligences of investments in R&D-intensive manufacturing sectors, including the engineering, automotive and chemical industries. Laura is a graduate in Chemical Engineering from the University of Padova, Italy. Prior to joining the EIB she worked for eight years for an Italian engineering company, first as Research Scientist and then as Industrial Economist.
Plenary Session P4 – “EIB Funding Possibilities in HORIZON 2020”
With a total lending volume of more than 14.4bn, the Risk Sharing Finance Facility (RSFF) represents the Bank and European Commission’s most successful Joint Financial Instrument (JFI) to date. Launched in 2007 was set up by the European Investment Bank (EIB) and financially supported by the EU, in order to foster additional investment in RDI (Research, Development & Innovation) in the EU and the Seventh Framework Programme’s (FP7) Associated Countries (AC), as well as to address the markets’failure in allocating sufficient resources to RDI. RSFF also includes the Risk Sharing Instrument (RSI), a guarantee instrument handled by the EIF under mandate from EIB, targeting innovative SMEs and small Mid-Caps.
Overall the programme has fostered more than EUR 40bn of new RDI investments in Europe. Based on this success, the Commission and the EIB are working together closely on blended risk-sharing instruments leveraging the EU budget with the EIB lending capacity. The new financial instrument being developed under H2020 will cover a broad range of products targeting SMEs (via Venture Capital/Equity and Guarantees/ Counter-Guarantees), as well as Mid-Caps and Larger Entities including Research Infrastructures via EIB investment loans. Like the current RSFF, the new products will target RDI investments promoted mainly by sub-investment grade promoters, with a strong focus on developing European industrial capabilities in Key Enabling Technologies.