SWEDEN (News release) -- Essity has secured a EUR 300m loan at favorable terms with the European Investment Bank (EIB) as part of financing Essity's research, development, and innovation process.

The EUR 300m will support Essity's product innovation and sustainability investments across all business areas and product segments until 2024. The loan has a tenor of 7 years.

"We are pleased with the support from EIB for our comprehensive innovation process. Essity's focus is to increase wellbeing for people everywhere as we continue our journey to reach net-zero greenhouse gas emissions by 2050," says Magnus Groth, President & CEO of Essity.

At the Capital Markets Day in November 2021, Essity presented its roadmap to Net Zero where breakthrough technologies and innovation play a key role. Essity has set a target that more than 50 percent of the innovations shall yield social and/or environmental improvements.