The European Investment Bank (EIB) today granted a EUR 70 million loan to CIE Automotive S.A. supporting the company’s research and development in the field of automotive components, its most important area of business.
The investments targeted by the EIB funding form part of CIE Automotive’s programme to develop innovative solutions in the manufacturing of lighter and safer car parts that will reduce fuel consumption and emissions.
The R&D will be carried out at the company’s technology centres in Spain, Portugal and France in the period up to 2017. This is the EIB’s second R&D support operation with CIE Automotive.
By financing this R&D investment, the EIB will help to underpin the company’s sustainable growth, safeguard and create skilled research jobs and indirectly improve the Spanish economy’s competitiveness.
The investments financed by this operation meet the EIB and EU’s priority objectives of fostering the knowledge economy (by boosting firms’ technological capacity) and promoting climate action.
“CIE Automotive S.A. is supported by ‘InnovFin – EU Finance for Innovators’ InnovFin Large Projects with the financial backing of the European Union under Horizon 2020 Financial Instruments”
Background information
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
InnovFin Large Projects aims to improve access to risk finance for R&I projects emanating from larger firms, universities and public research organisations, R&I infrastructures (including innovation-enabling infrastructures), public-private partnerships, and special-purpose vehicles or projects (including those promoting first-of-a-kind, commercial-scale industrial demonstration projects). Loans and guarantees from EUR 25m to EUR 300m will be delivered directly by the EIB.