EU bank grants euro 906 million in loans for clean cars - by Candice Lombardi
The European Investment Bank, backed by European Union member states, approved 906 million euros (US $1.2 billion) more in loan money to the auto industry on Tuesday. The loans are specifically directed to "help design and build cleaner cars with lower carbon dioxide emissions," according to an EIB statement. The package includes 400 million euros ($531 million) to Nissan's European division for the purpose of developing and building more fuel-efficient vehicles in Britain and Spain. Jaguar Land Rover was approved for a loan of 340 million pounds ($499 million) from the EIB to "to help cut vehicle emissions."
"A loan was also approved for a Volkswagen plant in India, which will produce small cars that meet tougher emissions requirements ahead of their introduction in major Indian cities from 2010," according to the EIB. In December, the European public bank approved of 3.6 billion euros ($4.76 billion) in loans to European truck and car manufacturers. In March, the bank also approved loans to BMW, Renault, and Volvo Trucks.
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