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Opel Asks EIB for Money

After last week the German government decided not to give carmaker Opel €1.1 billion (US$1.2 billion) in loan guarantees needed for the reorganization process, the manufacturer has now turned to the European Investment Bank (EIB), from whom it asks €800 million ($971 million).

"What we can confirm is we are in talks with Opel at a very early stage," an EIB was quoted as saying by just-auto. "Our normal cap for loans here is EUR400m - that is what we have done with many other car companies such as Saab.”

"The conditions would be it services the purposes of cleaner cars. Opel has not yet presented a project but that could come relatively soon. It does not have to be 100% electric - as long as it looks to reach European Union (EU) emissions goals - it could work with conventional engines as well.

According to the source, the EIB is considering the Opel loan possible either through the European Clean Transport Facility (ECTF), or the Convergence Areas (CA).

As we told you last week, the rejection of the Opel loan came after German Economics Minister Rainer Bruederle opposed the use in the private sector of Chancellor Angela Merkel’s 11.2 billion euro fiscal savings program.

For GM, the aid rejection means more money are to be sent to Europe from the US. It's unclear at this point how the decision will affect GM's restructuring of Opel, but Merkel, a supporter of Opel, promised the fight for money is not yet over.
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About the author: Daniel Patrascu
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Daniel loves writing (or so he claims), and he uses this skill to offer readers a "behind the scenes" look at the automotive industry. He also enjoys talking about space exploration and robots, because in his view the only way forward for humanity is away from this planet, in metal bodies.
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