May 13 (SeeNews) - The European Investment Bank (EIB) is lending 400 million euro ($547 million) to Ford Motor for the development of the company's Romanian unit, Automobile Craiova, the bank said.
“Ford will receive loans worth 400 million euro for the construction and operation of a vehicle and engine plant in Craiova, Romania, the technical rehabilitation of the existing plant,” EIB said in a statement late on Tuesday.
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The U.S. company will also get another 200 million euro from the EIB for research and development activities at its plant in Germany.
Ford Motor Company holds a 96.5% stake in Automobile Craiova, the sole owner of car maker and distributor Daewoo Automobile Craiova.
Automobile Craiova shares traded unchanged at 17.5 lei ($5.8/4.2 euro) by 0803 GMT on Wednesday on the Romanian over-the-counter market RASDAQ.
($= 0.7308 euro)