Italian automotive group to receive EIB loan

The European Investment Bank (EIB), SACE and Fiat Chrysler Automobiles (FCA) have announced a €600m loan to support the automotive group’s research, development and production plans for 2015-17.

The three-year loan will be provided by the EIB and is 50% guaranteed by SACE. It will also receive support from InnovFin, part of Horizon 2020.

The loan falls within two traditional areas of EIB investment in support of the European economy: R&D projects, and projects aimed at protecting the environment via the reduction of emissions and improved energy efficiency.

The loan will support two main areas. The first is the FCA’s R&D activities at its Turin and Modena facilities. These encompass a study into fuels for advanced engines and efficient vehicle technologies for safety and comfort, as well as new vehicle architectures.

The second area will look at investments in manufacturing centres in Pratola Serra and Termoli for the production of new, efficient petrol and diesel engines for Alfa Romeo.

The loan and the collaborative relationship between the organisations as a whole topped the agenda at a meeting held yesterday (29 June) in Turin between EIB Vice-President Dario Scannapieco, head of operations in Italy, Malta and the Balkans, SACE CEO Alessandro Castellano, and FCA CEO Sergio Marchionne.

“We are happy to have further strengthened our collaboration with FCA, the largest industrial concern in Italy and a world leader in the automotive sector,” commented Scannapieco.

Marchionne added: “This loan is important for us and for Italy. In addition to being a tangible part of the recovery process of our country, it is an important contribution that will enable FCA to continue down the road taken in the past to design and produce cars with increasingly advanced technology, reducing consumption and emissions.”