EIB lends Volkswagen EUR 400 million to develop green technologies

The European Investment Bank (EIB) announces a EUR 400 million loan to Volkswagen AG to support the development and market launch of greener and more fuel efficient drive train components for passenger cars and utility vehicles.

This loan forms part of a financing programme to foster investment in research, development and innovation (RDI) designed to reduce emissions and improve energy efficiency in the European transport sector.

"With this loan, we are pleased to be able to promote green technologies in Europe while actively helping the car industry in these difficult times", said Matthias Kollatz-Ahnen, EIB Vice-President with responsibility for lending in Germany.

Against this background the EIB wishes to strengthen companies' investment capacity and support eligible projects, including those geared to compliance with the EU's passenger car emission limits for the period 2012-2020 and the achievement of other emissions and fuel efficiency targets in the transport sector. Such projects encompass RDI, the development of prototypes and new tools, the upgrading of existing and construction of new plant and accompanying measures to achieve these objectives.

Source: European Investment Bank