EUR 200 m have been approved for Renault to support a new production facility near Tanger, Morocco, for the manufacturing of smaller cars, including the design, civil engineering, purchase of equipment and tooling of the new factory.
In total, since December 2008 the EIB has approved loans to the automotive sector (manufacturers and suppliers) worth EUR 7.56bn, whereof EUR 4.52bn under the EIB’s European Clean Transport Facility (ECTF). EUR 320m out of the EUR 400m approved for SAAB would be provided under the ECTF. The Facility, part of the EIB’s wider response under the European Economic Recovery Package, targets significant cuts in vehicles’ CO 2 emissions through research, development and innovation, as well as the production of cleaner and more fuel-efficient cars and other transport and also through tangible fixed assets in related infrastructure and production plants. The remainder is intended to help SAAB improve the active and passive safety of its future vehicles.
After the approval of the operations the contracts will be negotiated and signed, followed by disbursement according to the progress of the projects. In 2009, EUR 3.6bn has already been disbursed to the automotive sector and it is forecast that this will reach around EUR 6.0bn by year-end. Further disbursements will follow in 2010.
