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Fiat gets EUR250m from EIB for R&D, reducing CO2 emissions

ABR Staff Writer Published 15 March 2011

The European Investment Bank (EIB) and Fiat have signed a EUR250m finance contract in Turin to support the Italian car makers's research and development plans.

The project focuses on Fiat's R&D centres in Italy, whose activities are focused on energy efficiency in motor vehicles either by reducing CO2 engine emissions or studying new vehicle designs.

The project will aid Fiat in reducing CO2 emissions and other harmful substances, enabling it to meet the European Union's CO2 emissions targets for 2015.

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 E400m loan was signed for R&D projects involving the Fiat Group.

EIB vice president Dario Scannapieco said their long-standing working relationship with Fiat, Italy's 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," Scannapieco said.

"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."