Xylem Signs $160 Million European Investment Bank Water Accord

Xylem Inc., the water company whose pumps helped clean Hurricane Sandy floodwaters, finalized a 120 million-euro ($160 million) pact with the European Investment Bank to finance research projects in Europe.

The deal signed today in Luxembourg formalizes an agreement announced last month. It means funds will be available starting this year as loans to finance projects at Xylem facilities in the U.K., Germany and five other sites in Europe researching and developing advancements in desalination, biological water treatment, filtration and disinfection, the White Plains, N.Y.- based company said in a statement.