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Cash boost for Nissan's green ambitions

The North East automotive industry has received a boost with the announcement of a £370 million loan for Nissan from the European Investment Bank (EIB).

The EIB, the European Union’s lending arm, approved 766 million euros of loans to EU carmakers for cleaner cars with lower CO2 emissions.

Nissan’s European operations will use the money to develop and build more fuel-efficient vehicles at its Sunderland plant and at its location in Avila, in Spain.

The loan could be a massive boost to industry on Wearside after Nissan shed 1,200 jobs because of the global slump in car sales.

Jaguar Land Rover will also get £340 million to cut vehicle emissions.

“A loan was also approved for a Volkswagen plant in India, which will produce small cars that meet tougher emissions requirements ahead of their introduction in major Indian cities from 2010,” the EIB said.

In a statement, Nissan said: “Nissan joins the other manufacturers in applauding the move by the EIB to extend support to the automotive industry through this crisis.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .