Brussels, 05/01/2010 (Agence Europe) - The European Investment Bank (EIB) and CIE Automotive SA signed the contract for a €60 million loan, in Bilbao at the end of December, to support CIE's research and development (R&D) investment programme for automotive parts.
CIE Automotive, a leading manufacturer of automotive parts, is implementing an R&D investment programme for shaping metallic materials and light alloys and plastic injection with the aim of reducing the weight and emissions of its products and improving vehicle safety. The project has two basic objectives: (i) to obtain lighter and safer components and joints, and (ii) to ensure that all parts are fully recyclable. These developments are carried out at the company's centres in Spain.
The project financed by the EIB also comprises the expansion of CIE Automotive's manufacturing plants in the Czech Republic, Lithuania and Romania, including any transfers required to modernise the technology at these plants.
The EIB loan forms part of the stimulus package for the automobile industry launched by the EIB in response to the current economic situation, which has affected this industry in particular. The project comes under the EU's policy on promoting innovation in the automobile industry aimed at moving towards cleaner and safer transport. (O.L./transl.rt)