“I am very happy to be signing this financing agreement with PSA Peugeot Citroën today,” Philippe de Fontaine Vive, EIB vice president, said after the signing of the agreement.
“The EIB loan perfectly illustrates Europe’s commitment to promoting innovation and sustainable development in the automobile industry to enable the development of clean, fuel-efficient vehicles."
PSA will use the money to develop diesel PHEVs. According to the French manufacturers, some 500 people are involved in the project, with the new vehicle to be developed entirely at the Velizy Technical Centre.
The loan was granted under the European Clean Transport Facility (ECTF) financing program, set in place by the EIB as a way to help automakers develop technologies which will bring down fuel consumption and CO2 emission levels.
“Our objective is to help carmakers to significantly improve their vehicles’ energy efficiency while reducing their carbon footprint. By providing the necessary financing, we’re helping to build a better future,” added de Fontaine Vive.
Last week, EIB announced it will give a similar loan to Ford, after the UK government granted the American manufacturer 360 million pounds in loan guarantees. The carmaker will use the money to research and develop commercial vehicles (Transit and Connect vans) and for the development of low carbon emission diesel and petrol engines.
So far, EIB says it has granted carmakers around EUR8.6 billion.
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