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The EIB grants a loan of 25 million to Dominion to digitize production

Adriana Duran 06/04/2014

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The EIB grants a loan of 25 million to Dominion to digitize production

The European Investment Bank (EIB) has signed a loan of 25 million euros to the Spanish technology and engineering services company Dominion to support the group's innovation projects in its centers in Seville, Bilbao, Madrid and Barcelona

This loan will specifically strengthen the "digitalization of production processes" of this Basque company, subsidiary of the automotive components company CIE Automotive, as explained by the European Commission (EC) in a statement.

These changes in production will be carried out in sectors such as the management of health services, telecommunications or industry, which the EIB describes as "key to the EU economy".

According to a statement from the EIB, 77% of this funding will go to innovation projects in the centers that the group has in Bilbao, Seville, Madrid and Barcelona, ​​while the remaining 23% will be used for the headquarters in Ratingen (west of Germany).

The vice president of the EC for Employment, Growth, Investment and Competitiveness, Jyrki Katainen, said that this loan "will allow Dominion to launch a new program of research, development and innovation for the benefit of its customers and competitiveness."

The agreement between the EIB and Dominion has financial backing from the European Fund for Strategic Investments (EFSI), the main tool of the Investment Plan for Europe when it comes to mobilizing investment.