La European Investment Bank, SACE and Fiat Chrysler Automobiles finalized a loan of 600 million euros aimed at supporting the research, development and production plans of the automotive group in the period 2015-17. The loan has a three-year term and is made available by the EIB e 50% guaranteed by SACE, and concerns FCA production and research and development sites located both in Northern and Southern Italy.
The operation is supported by “InnovFin – EU Finance for Innovators”, with financial support from the European Union under the Horizon 2020 programme. In detail, the project has two main components. The first component relates to FCA's research and development activities in the Turin and Modena centres. These activities concern the study of fuels for advanced propulsion and efficient vehicle technologies, technologies for vehicle safety and comfort and new vehicle architectures.
The second component concerns investments in production centers located in Southern Italy (Pratola Serra and Termoli) for the production of new efficient petrol and diesel engines for Alfa Romeo.
“We are satisfied – commented the EIB vice president Dario Scannapieco – to further strengthen our collaboration with FCA, an international company which is the leading Italian manufacturing group and one of the world's leading car manufacturers. In particular, the focus on investments in research and development is central, the priority of which for environmental issues is strengthened in the current moment by the need to give a further and definitive push to the economic recovery".
“With this transaction we confirm our support for the innovation capacity and international competitiveness of FCA and of the hundreds of Italian SMEs active in the automotive sector – said Alessandro Castellano, CEO of SACE -. A commitment that we renew today with pride and satisfaction, aware that investing in R&D is a fundamental prerequisite for the future growth of FCA and for the development of production processes and employment in our country".
“The loan agreement – stated FCA Chief Executive Officer Sergio Marchionne – is important for us and for Italy. In addition to actively participating in the recovery of our country, it is a significant contribution that will allow FCA to continue along the path it began years ago of designing and building cars with increasingly advanced technological solutions to reduce fuel consumption and emissions. This applies to both traditional and alternative fuels such as methane, for example, in which we have undisputed European leadership”.
