EIB supports Ford operations in Romania
The EIB loan will finance investments in the Craiova Ford plant for the facilities and tooling needed for the production of a new B-segment vehicle with a start of production in the near future and production of the existing model of the light commercial vehicle and a new model scheduled to be launched later. EIB funds will also help to introduce the production of a new small, advanced-technology petrol engine with low fuel consumption. It is envisaged that expanded production capacity will represent an annual output of up to 300,000 vehicles and 300,000 engines.
The EIB has also approved - in principle - a loan of 200 million Euro that will finance research, development and innovation towards the development of vehicles and engines to be produced in the Craiova plant. However, these activities will be carried out in Ford’s facilities located mainly in .
is providing a State guarantee for 80 per cent of the loan under the European Commission’s temporary framework for State aid measures. “EIB funds, together with the Romanian State support, provided on favorable terms at a time of difficult market conditions, will both help the Romanian economy to better face the consequences of the current economic crisis and contribute to the production of more environmentally friendly cars. Automotive sector is a priority of the EIB in this respect: in 2009 the Bank loans for this sector amounting to 8.2 billion Euro,” said EIB Vice President Matthias Kollatz Ahnen, responsible for lending in . In turn, Wolfgang Schneider, Vice President, Governmental and Legal Affairs, Ford of Europe, said: "We are very pleased concerning the provision of the loan, and want to thank both the European Investment Bank and the Romanian government for their support." He added: "The loan will help to assist in the plant's ongoing transformation into a world-class manufacturing facility for vehicles and engines. Our guiding principle is that products built in Craiova deliver what customers expect from us: great products offering environmentally-advanced technologies at affordable prices."
The EIB has also approved - in principle - a loan of 200 million Euro that will finance research, development and innovation towards the development of vehicles and engines to be produced in the Craiova plant. However, these activities will be carried out in Ford’s facilities located mainly in .
is providing a State guarantee for 80 per cent of the loan under the European Commission’s temporary framework for State aid measures. “EIB funds, together with the Romanian State support, provided on favorable terms at a time of difficult market conditions, will both help the Romanian economy to better face the consequences of the current economic crisis and contribute to the production of more environmentally friendly cars. Automotive sector is a priority of the EIB in this respect: in 2009 the Bank loans for this sector amounting to 8.2 billion Euro,” said EIB Vice President Matthias Kollatz Ahnen, responsible for lending in . In turn, Wolfgang Schneider, Vice President, Governmental and Legal Affairs, Ford of Europe, said: "We are very pleased concerning the provision of the loan, and want to thank both the European Investment Bank and the Romanian government for their support." He added: "The loan will help to assist in the plant's ongoing transformation into a world-class manufacturing facility for vehicles and engines. Our guiding principle is that products built in Craiova deliver what customers expect from us: great products offering environmentally-advanced technologies at affordable prices."
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