Isagro granted R&D loan
Italian agrochemical company Isagro (Milan) has been granted the first tranche of a medium-term loan of up to €25 million ($32.9 million) to fund its R&D programme. The initial €15 million ($19.7 million) have come from three providers via the EU’s European Investment Bank (EIB) and finance the 2010-13 programme. The loan has a six-year maturity with a grace period of up to 18 months. Isagro president and CEO Giorgio Basile welcomes the award. “The finalisation of this first tranche of EIB loan represents an important award of the validity of the R&D structures and programmes of Isagro, which is the only Italian company to directly run innovative research for the discovery and subsequent development of new active ingredients for agrochemical uses,” he says. Isagro divested assets and switched to an R&D focus last year ( Agrow No 613, p 3).