EIB Approves Additional €750M to Support Cleaner Transport
May 13, 2009 // Published as a news service by IHS
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On May 12, the European Investment Bank (EIB) approved loans to European-based automotive companies worth €750 million to help design and build cleaner cars with lower carbon dioxide (CO2) emissions.
From this total, €150 million were approved for a research and development project of DAF trucks in the Netherlands, while Ford will receive loans worth €400 million for the construction and operation of a new vehicle and engine plant in Craiova, Romania, the technical rehabilitation of the existing plant, as well as an additional €200 million for the entire research and development related activities for the plant carried out in Germany.
Including these new loans, the EIB has approved €5.2 billion in loans since last December for European car and truck makers. Of this, €3.billion are provided under the EIB's European Clean Transport Facility (ECTF).
The ECTF 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 EIB in June and July would also reach component suppliers.
Background
The European Investment Bank was created by the Treaty of Rome in 1958 as the long-term lending bank of the European Union (EU). The EIB's objective 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 favorable terms to projects furthering EU policy objectives. The EIB continuously adapts its activity to developments in EU policies.
Source: European Commission (EC).