SMMT supports the European Investment Bank loans
The Economic and Financial Affairs Council (Ecofin) has approved the proposal to establish a European Clean Transport Facility (ECTF). Under the clean transport facility, the European Investment Bank (EIB) will make €4 bn per year available during 2009-2012 for financing investment projects in the transport sector, notably road transport.
The bank will finance up to 75% of R&D costs and up to 50% of other project costs for investments in R&D and production facilities. The funds will be available to both vehicle manufacturers and suppliers.
Although the figures are not as high as initially discussed, the SMMT supports the EIB funding at a time when vehicle manufacturers are under pressure from falling demand and lack of access to credit. This is positive news for the industry and supports strategic investments in R&D while not being too proscriptive about its use. SMMT is talking to BERR regarding the next steps in the process so it can advise its members on routes to access the available funding.
