The European Investment Bank (EIB) and Fiat Spa have
signed a 250 million euro finance contract in Turin to
support the car firm’s research and development plans.
The EIB was represented by Dario Scannapieco, EIB
Vice-President responsible for operations in Italy,
Malta and the Western Balkans, and Fiat by its CEO,
Sergio Marchionne.
The project
concerns Fiat SpA’s research and development centres in
Italy, whose activities are focused on energy efficiency
in motor vehicles either by reducing CO2 engine
emissions or studying new vehicle designs.
For the EIB,
the operation meets two of the traditional investment
objectives in support of the European economy: R&D
projects and projects to protect the environment by
reducing emissions and improving energy efficiency.
The Fiat SpA
operation is being carried out in line with the
provisions of the European Clean Transport Facility (ECTF),
the EIB’s package of measures developed for European
manufacturers two years ago to counter the effects of
the economic crisis by investing in reducing CO2
emissions and increasing energy efficiency.
For the EIB the
Fiat SpA project meets the following requirements: 1. It
will help to improve the company’s know-how concerning
product innovation (including LPG, hybrid and
energy-saving engines and those based on new materials);
2. It will help to increase the overall technological
level of the European automotive industry through Fiat
SpA’s cooperation on R&D with similar facilities at
other vehicle manufacturers, external research centres
and with universities; 3. It will ultimately help to
reduce emissions of CO2 and other harmful substances,
thereby enabling Fiat SpA to meet the European Union’s
CO2 emissions targets for 2015 (122/123 g/km) and 2020
(95 g/km).
The finance
contract consolidates the existing cooperation between
the EIB and the Italian car manufacturer, which over the
years has been reflected in a number of financing
operations. The most recent dates back to 2009, when,
again under the ECTF, a 400 million euro loan was signed
for R&D projects involving the Fiat Group.
"Our
long-standing working relationship with Fiat, Italy’s
leading manufacturing group and one of the world’s major
car producers, continues and is being strengthened. We
are particularly pleased to be contributing to the
Group’s initiatives in designing and creating new, low
environmental impact technologies for the transport
sector. It is on this front that the challenge facing
car manufacturers globally over the next few years is
being played out, as sustainable development is based on
a constant and effective commitment to research and
innovation. Today this commitment is crucial for
improving competitiveness. Fiat has risen to this
challenge," declared Mr Scannapieco.
"Fiat",
said Marchionne, "is grateful to
the EIB for signing the finance contract. This operation
will enable us to strengthen our commitment to
sustainable mobility by increasing our expertise in
alternative forms of traction. We are one of the few
companies in the automotive industry to be admitted last
year to the Dow Jones Sustainability indices, the most
prestigious stock market indices, for which only
companies considered to be the best according to
sustainability criteria are eligible. In 2010, for the
fourth year running, Fiat Group Automobiles was the
manufacturer that recorded the lowest level of CO2
emissions by vehicles sold in Europe."
