12 July 2010: The European Investment Bank (EIB) will provide GBP 450 million to the car-maker Ford for the development of low-carbon emission diesel and petrol engines.

The package, backed by a 80% loan guarantee from the UK Government, forms part of Ford’s GBP 1.5 billion engine and vehicle development programme to be implemented over the next five years, which will safeguard around 2,800 skilled jobs. The EIB will provide funding under the European Clean Transport Facility, a dedicated EUR 4 billion annual package approved by European Union Finance Ministers in December 2008 that supports investments in research, development and innovation for emissions reduction and energy efficiency in the European transport industry. [EIB Press Release]