The Board of Directors of the European Investment Bank (EIB) has approved EUR 866 million of loans to help European-based car makers design and manufacture cars with lower carbon emissions. These follow the EUR 3.6 billion in loans already approved by the EIB Board of Directors since December 2008 for the European motor industry.

Funding for these loans will be provided by the European Clean Transport Facility (ECTF), Structural and Cohesion funds and the EIB’s external lending mandate for Asia and Latin America. The ECTF will provide 63 per cent of the funds for these loans. Structural and Cohesion and external mandate funds will provide the remaining 37 per cent.