The European Investment Bank signed a EUR 35 million agreement for RDI activities with Türk Traktör ve Ziraat Makineleri A.S. This is the second EIB transaction in Turkey supported by InnovFin EU Finance for Innovators, with the financial backing of the European Union under Horizon 2020 Financial Instruments. InnovFin Large Projects is specifically dedicated to improving access to risk finance for research and innovation projects in the European Union. The loan to Turk Traktor ve Ziraat Makineleri Anonim Sirketi will finance the development and implementation of technologies designed to enhance the fuel efficiency, improved performance and reliability, as well as the development of new features and products.

The RDI activities will take place mainly in the Turk Traktor ve Ziraat Makineleri Anonim Sirketi facilities in Gazi, near Ankara, over the period 2015-2018. The project is strategic for Turk Traktor ve Ziraat Makineleri Anonim Sirketi, as it will help further increase its technology and organisational capacities, thus making it possible to undertake a wider range of R&D projects within the CNH Industrial Group, specialising in trucks, construction and agricultural machinery, industrial and marine powertrains. Additionally, it will strengthen the cooperation between Turk Traktor ve Ziraat Makineleri Anonim Sirketi and European and local suppliers, universities and research institutes, and will contribute to increased competitiveness and value added of Turkish manufacturing goods.