Ford Europe has increased the investment plan for the plant inCraiova from 675 million euros to almost 1.2 billion euros, 1billion euros of which set to be invested from 2010-2012.
"At this time we cannot say that from now until 2012 Ford willinvest more than one billion euros in Craiova, Romania. We cannotcomment on the annual investments. It will largely depend on marketdemand. Until 2012 we will invest the 675 million euros, plus the400 million euros of the loan from EIB," said Wolfgang Schneider,vice-president of Ford Europe for governmental and environmentalaffairs.
Finance Minister Sebastian Vladescu, European Investment Bank'svice-president Matthias Kollatz-Ahnen and Wolfgang Schneider, FordEurope's vice-president for governmental and environmental affairssigned an agreement on a 400 million-euro loan yesterday, whichwill be used for the US carmaker's plant in Craiova, with theRomanian state guaranteeing 320 million euros of it.
"We will bring the 400 million-euro funds in Romania startingtoday and over the coming years as the need arises. The money willnot come all at once, but in several tranches. We will determinehow much money we need for each tranche," Schneider added.
The money from the EIB will be primarily used to startmanufacturing a new small class model, as well as a new Euro 5compliant EcoBoost petrol-driven engine this year, which is themost environment friendly engine made in Romania in 2010. At thesame time, the small class model will be designed to get afive-star EuroNCAP safety rating, compared with three stars theDacia models made at Mioveni get.
After 2012, Ford Romania has a third model scheduled to beginmanufacturing, according to the European Investment Bank, whichwill mostly likely be the next generation of Transit utilityvehicle.
Besides the 400 million euros for Ford Romania, EIB will alsogranting a 200 million-euro loan for a number of research anddevelopment projects conducted in Germany for the plant in Romania.
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