The European Investment Bank (EIB) has announced that it is lending $US40 million to Volkswagen Argentina S.A., a subsidiary of Volkswagen AG, to support investment for the production of gearboxes for passenger cars at its plant in Cordoba, Argentina. The project will create around 1,000 new jobs in the region, modernising the company’s automotive parts operation and exporting to other Volkswagen car assembly operations, particularly in Brazil.