The European Investment Bank (EIB) and independent family-owned group, Florimond Desprez have signed a €40 million loan agreement to finance research into new climate change-resistant plant varieties.

Funding will be used for research, development and innovation activities focusing on breeding new crop varieties which are capable of coping with changes in agro-climatic conditions.

Aim of the project is to increase the resistance of agricultural systems to climate change, and reduce the environmental footprint of farming activities, while safeguarding agricultural yields, the margins and viability of businesses in the sector.

Chair of Florimond Desprez, François Desprez said:

With the European Commission's support, investment is guaranteed by the European Fund for Strategic Investments (EFSI), the central pillar of the Investment Plan for Europe. The commission explained:

Besides its positive environmental impact, this project will create 30 new full-time posts for highly qualified employees in research and development, the commission said.

Florimond Desprez, with its head office in northern France, conducts research into the breeding of plant varieties and seed production. This investment will mainly benefit the group's research facilities in France and Belgium, along with six other European countries.

European Commissioner for the Economy, Paolo Gentiloni said: 

EIB vice president, Ambroise Fayolle said new developed varieties of field crops by Florimond Desprez help the EU maintain its competitiveness in a field that is vital for the future, and the success of its transition to a sustainable agro-ecological model.