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Luxembourg : EIB grants EUR 70 million loan to CIE Automotive in support of RDI

June 25, 2014

The European Investment Bank (EIB) today granted a EUR 70 million loan to CIE Automotive S.A. supporting the company s research and development in the field of automotive components, its most important area of business.

The investments targeted by the EIB funding form part of CIE Automotive s programme to develop innovative solutions in the manufacturing of lighter and safer car parts that will reduce fuel consumption and emissions.

The R&D will be carried out at the company s technology centres in Spain, Portugal and France in the period up to 2017. This is the EIB s second R&D support operation with CIE Automotive.

By financing this R&D investment, the EIB will help to underpin the company s sustainable growth, safeguard and create skilled research jobs and indirectly improve the Spanish economy s competitiveness.

The investments financed by this operation meet the EIB and EU s priority objectives of fostering the knowledge economy (by boosting firms technological capacity) and promoting climate action.

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Source: TendersInfo (India)

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