The European Investment Bank (EIB) and Fiat Group have signed a loan agreement for EUR400m in a deal approved by bank directors in March.
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The loan will finance the group’s automotive research and development projects and was issued under the European Clean Transport Facility (ECTF), an EIB financing programme for European manufacturers to support investment in the areas of emissions reduction and energy efficiency.
“We are particularly pleased to contribute to the realisation by Fiat – Italy’s largest industrial group and one of the leading players in the automotive sector globally – of programmes to develop and produce new environmentally-friendly technologies for the transport sector,“ said Dario Scannapieco, EIB Vice President responsible for financing activities in Italy, Malta and the western Balkans.
“Investment in research and development, in fact, is fundamental to the sustainable development of any enterprise and even more pivotal at a time such as this, where it is necessary to look to the future and strengthen one’s competitiveness, a concept which Fiat has demonstrated it clearly understands,” he added.
“I would like to thank the EIB for this financing,” said the CEO of Fiat, Sergio Marchionne, “which is an important contribution toward our on-going research into solutions that provide improved environmental performance and the development of technologies to reduce fuel consumption and emissions. This strategic direction was embraced with conviction by Fiat some time ago, both in the area of traditional engines and the use of alternative fuels such as natural gas, where our leadership is well recognised.”
