Ford to Invest $2.2 billion in UK Green Development
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Earlier today, the UK’s Secretary of State for Business, Peter Mandelson, announced the $550 million supporting of the carmaker’s $688 million pounds application to the European Investment Bank (EIB) during a special ceremony, held at Ford’s Dagenham plant.
Ford had applied for the $688 million loan from the EIB, a financial institution that offers financial support for projects that aim to reduce emissions and improve fuel efficiency. The UK government guarantee has been achieved through Britain’s Automotive Assistance Program.
The Dagenham center is part of Ford’s four-entity UK network that is aimed at researching and developing green technologies for both passenger and commercial vehicles. The network also includes the Essex center (UK’s largest auto engineering facility), the Southampton plant and the Bridgent facility.
"Our customers will benefit from this extensive investment and so too will the 100,000 people in the UK whose jobs are directly or indirectly dependent on Ford. The loan also encourages the growth of high-technology, CO2-reducing research and development in the country.But perhaps most importantly the overall environment will benefit thanks to the mass-deployment, volume-produced emission-reducing technologies from Ford," said Ford of Britain chairman, Joe Greenwell.
"The government's support of Ford's EIB loan application demonstrates its commitment to addressing the strategic needs of the UK automotive industry when it comes to supporting affordable CO2 reducing technologies," the executive added.
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