EIB Board gives green light for an additional EUR 750m to support cleaner transport
12 May 2009
The European Investment Bank's Board of Directors today approved loans to European-based automotive companies worth a total of EUR 750m to help design and build cleaner vehicles with lower emissions.
EUR 150m were approved for a research and development project of DAF Trucks in the Netherlands while Ford will receive loans worth EUR 400m for the construction and operation of a vehicle and engine plant in Craiova, Romania, the technical rehabilitation of the existing plant as well as an additional EUR 200m for the entire research and development related activities for the plant carried out in Germany.
Including these the EIB has approved EUR 5.2 bn in loans since last December for European car and truck makers. Thereof, EUR 3.5bn are provided under the EIB's European Clean Transport Facility (ECTF). The Facility is part of the EIB's wider response under the European Economic Recovery Package and targets significant reductions in the CO2 emissions of vehicles through research, development and innovation, as well as the production of cleaner and more fuel-efficient cars and other transport.
Further loans for the automotive sector planned for submission to the Board in June and July would also reach component suppliers.
Note for the editor:
The European Investment Bank was created by the Treaty of Rome in 1958 as the long-term lending bank of the European Union. The task of the Bank is to contribute towards the integration, balanced development and economic and social cohesion of the EU Member States. The EIB raises substantial volumes of funds on the capital markets which it lends on favourable terms to projects furthering EU policy objectives. The EIB continuously adapts its activity to developments in EU policies.
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