The European Investment Bank has drawn up plans to lend up to Euro 25 million to a German company, Eurostamp Deutschland, to enable it to construct and install a production plant for stamped and assembled auto-body parts.

The factory would be sited in one of the poorest areas of Saxony, in eastern Germany, which is labelled as an Objective 1 zone by the European Commission and hence eligible for generous EU development grants; the project would create 90 new jobs until 2005 and 150 until 2007. The total cost of this private project is estimated at Euro 50 million.