The European Commission authorized the Romanian state's decision to offer Ford Romania state guarantees for a loan Ford wanted to take from the European Investment Bank. The bank offers a 600 million euro loan for Ford Europe to cover its development project, of which 200 million euro fo to Ford Werke GmBH Germany and 400 million euro go to Ford Romania, EC informs.
The loan will co finance the development project of an environmental friendly motor and the production of cars at Ford Romania. The 80% state guarantee which will be offered by Romania fulfills the regulations imposed by the Commission.
Ford Romania will use the new funds to develop its over 1 billion euro investments at its factory in Craiova. The loans and guarantees are offered for five years. Ford Romania will pay a commission to the Romanian state for the guarantees.
