Brussels, 06/01/2009 (Agence Europe) - The European Investment Bank (EIB) has just signed a finance contract of €150 million with Piaggio&C. spa for carrying out the Pontedera group's research and development (R&D) projects. The loan, with a maturity of seven years, will cover almost 50% of the group's plans for investment in R&D and innovation up to 2012, totalling over €320 million.
For the EIB, this operation forms part of the new plan to support the automotive industry and clean transport - one of the initiatives put forward at the European Council meeting of 11-12 December in response to the global financial crisis. These initiatives provide for an increase in EIB financing to around €30 billion over the next two years, particularly in the SME, energy, climate change and, of course, clean automotive industry sectors. (O.L./transl.rh)