2023 Author: Eric Donovan | [email protected]. Last modified: 2023-08-25 09:36
The European Investment Bank supports the ailing auto industry. Manufacturers receive billions in aid to develop fuel-efficient models.
The European Investment Bank (EIB) has approved financial aid of 3.0 billion euros for the ailing auto industry. As the EIB announced on Thursday at its annual meeting in Barcelona, the loan aid is to flow into the development of fuel-efficient and low-emission engines. For April and May, the approval of further aid in the amount of 2.8 billion euros is planned.
Compliance with environmental laws
According to the EIB, the now approved loans will benefit car manufacturers such as BMW, Daimler, Fiat, PSA Peugeot-Citroën, Renault, Volvo Cars, Scania and Volvo Trucks. With the aid, the bank is demonstrating its determination to support the auto industry in complying with strict environmental laws and at the same time promoting the revitalization of the economy, said EIB President Philippe Maystadt.
The EIB intends to approve a total of seven billion euros in loan assistance to the auto industry by June. The upper limit per company for an EIB loan is 400 million euros per year. In Germany, the EIB signed a EUR 400 million loan with Volkswagen in January.
The bank, based in Luxembourg, is an EU financing instrument and belongs to the member states. In the current economic crisis, it is one of the most important lenders after the extensive failure of the commercial banks. Thanks to its good credit rating, the EIB can borrow money cheaply on the capital markets and then lend it out. (dpa)
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