91³ÉÈË supports the European Investment Bank loans
4 Dec 200891³ÉÈË supports the European Investment Bank loans
The Economic and Financial Affairs Council (Ecofin) has approved the proposal to establish a European Clean Transport Facility (ECTF). Under the clean transport facility, the European Investment Bank (EIB) will make €4 bn per year available during 2009-2012 for financing investment projects in the transport sector, notably road transport.
The bank will finance up to 75% of R&D costs and up to 50% of other project costs for investments in R&D and production facilities. The funds will be available to both vehicle manufacturers and suppliers.
Although the figures are not as high as initially discussed, the 91³ÉÈË supports the EIB funding at a time when vehicle manufacturers are under pressure from falling demand and lack of access to credit. This is positive news for the industry and supports strategic investments in R&D while not being too proscriptive about its use. 91³ÉÈË is talking to BERR regarding the next steps in the process so it can advise its members on routes to access the available funding.
