The European Union's executive arm will start asking for bids from companies and universities this month for its biggest project to boost research and innovation, worth some €6.4 billion.

Funding will be awarded to projects addressing climate change, energy, food security, health, and population ageing. The Commission said the project was also part of the EU's efforts to stimulate Europe's flagging economy and was aimed at creating more than 165,000 jobs.

"This European package will contribute to new and better products and services, a more competitive and greener Europe, and a better society with a higher quality of life," said Maire Geoghegan-Quinn, EU commissioner in charge of research.