The European Investment Bank (EIB) has taken a significant step towards supporting sustainable transportation in Europe with a €450 million loan to Iveco Group N.V. The loan, which is part of a larger €500 million financing program, aims to boost technological advancements at Iveco's facilities across Europe, with a focus on electric propulsion innovations that are key to the EU's decarbonization efforts.
The funding will enhance operations primarily at Iveco's plants in Turin and Foggia, Italy, and extend its impact to sites in Germany, France, Spain, Czech Republic, and Switzerland. All projects are scheduled for completion by the end of 2025. The loan comes with an eight-year payback period and is structured for immediate full disbursement.
Gilles Badot of the EIB underscored the importance of this financing operation, noting its alignment with Europe's climate objectives, particularly in reducing emissions from the transport sector. Marco Liccardo from Iveco expressed the company's appreciation for the EIB's trust, which will accelerate their efforts in developing sustainable mobility technologies.
This strategic move is part of the EIB's broader commitment to financing environmentally sustainable projects within the EU. Between 2019 and 2022, the EIB invested €45 billion in Italian projects, reflecting its dedication to infrastructure innovation and environmental sustainability.
Iveco Group N.V., listed as IVG on the EXM stock exchange, is a conglomerate of eight influential automotive brands with a global footprint. The group's portfolio includes IVECO for trucks, FPT Industrial for powertrains, IVECO BUS & HEULIEZ for mass transit, IDV for defense, ASTRA for construction vehicles, MAGIRUS for firefighting equipment, and IVECO CAPITAL for financial services. Iveco Group employs over 35,000 people worldwide across its industrial and R&D centers.
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