italiaspeed.com

The European Investment Bank (EIB) and Fiat Group have today signed a loan agreement for 400 million euros in financing approved by the EIB’s Board of Directors in March. The purpose of the loan is to finance the Group’s automotive research and development projects and it 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."

According to the EIB: "The project concerns the Fiat Group’s RDI investments for passenger cars aiming at (i) the optimisation and further development of fuel-efficient conventional powertrain technologies including the investments in machinery and tooling for the launch of a new family of more efficient transmissions, mainly for smaller vehicles application; and (ii) the development of new more fuel-efficient exhaust systems, powertrain and electronics components, aiming mainly at CO2 reduction." It goes on to state that the 'objective' of the loan is: "A significant reduction in fuel consumptions and CO2 emissions of the promoter’s powertrain."

The European Investment Bank was created by the Treaty of Rome in 1958 as the long-term lending bank of the European Union. The task of the Bank 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 favourable terms to projects furthering EU policy objectives. The EIB continuously adapts its activity to developments in EU policies. The EIB enjoys its own legal personality and financial autonomy within the EU and operates in keeping with strict banking practice and in close collaboration with the wider banking community, both when borrowing on the capital markets and when financing capital projects.