Brussels, 17/10/2011 (Agence Europe) - On Friday 14 October, the European Investment Bank (EIB) announced its intentions of lending €76.4 million to VW Argentina S.A. to fund the modernisation and development of the activities of the factory run by the business in Córdoba.
More specifically, the loan will help to fund the refurbishment, modernisation and expansion of the Córdoba factory for the production of MQ200-type gearboxes with better energy efficiency, which will be used for small and medium-sized VW vehicles assembled in the region, mainly in Argentina and Brazil.
This project, which will be finalised in 2012, is designed to respond to current demand on the Latin-American market for small and medium-sized VW vehicles and therefore help to speed up the replacement of older and more polluting vehicles in the region. It will also create around 565 direct jobs and some 1,000 indirect jobs, states the EIB, which has granted the loan in the framework of the current mandate for Latin America. (OL/transl.fl)