Agreement reached between the European Investment Bank and Volkswagen AG in relation to EIB loan “Antrieb RDI”
- Dec 20, 2018
Following an OLAF investigation, the European Investment Bank and Volkswagen AG have come to an agreement regarding a sub-project part of a loan of EUR 400 million that was granted in 2009 and fully repaid on schedule in February 2014. According to this agreement, the European Investment Bank will conclude its investigation and Volkswagen AG will in turn voluntarily not participate in any European Investment Bank project during an exclusion period of 18 months. Since October 2015, the consideration of loans by the European Investment Bank to Volkswagen AG had been under suspension.
Following an OLAF investigation, the European Investment Bank and Volkswagen AG have come to an agreement regarding a sub-project part of a loan of EUR 400 million that was granted in 2009 and fully repaid on schedule in February 2014. According to this agreement, the European Investment Bank will conclude its investigation and Volkswagen AG will in turn voluntarily not participate in any European Investment Bank project during an exclusion period of 18 months. Since October 2015, the consideration of loans by the European Investment Bank to Volkswagen AG had been under suspension.
Volkswagen AG is committed to its sustainability initiatives including environmental protection activities and, in this context, will contribute EUR 10 million to environmental and/or sustainability projects in Europe. Volkswagen AG will continue to inform the European Investment Bank regarding its Compliance Programme and cooperate with the European Investment Bank in the exchange of best practices in relation to compliance standards and the fight against fraud.