EIB pumps 450 million Euro into car industry
The European Investment Bank (EIB) is lending 400 million Euro to Ford Romania and 50 million Euro to Pirelli Romania in a lending drive to assist the domestic car industry February 2010 - From the Print Edition
The cash for Ford will expand and refurbish the company’s car assembly plant in Craiova, with the Romanian state providing a guarantee for 80 per cent of the loan.
This will finance investments in the Craiova Ford plant for facilities and equipment to build light commercial vehicles and a new model for a later launch. EIB funds will also help Ford start production of a new small, advanced-technology petrol engine with low fuel consumption. Expanded production capacity could see an annual output of up to 300,000 vehicles and 300,000 engines.
The EIB has granted Pirelli Romania a loan of 50 million Euro to increase trye production in its factory in Slatina, Olt county. This will support Pirelli’s 250 million Euro investment plan between 2009 and 2011.
The loan will finance the development of tyre production for cars and light vehicles.
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