Ford and Renault to get financing of EUR 400m and 200m from EIB, Romanian president says

The European Investment Bank (EIB) approved a 400 million euro credit for car maker Ford and a 200 million euro one for Renault, to help protect investments in Romania after the car market was pretty shaken up by the crisis, according to the president Traian Basescu, currently in Brussels.

The president went to Luxembourg this morning to ask for financing from EIB for banks which will then support small and medium-sized companies and also tackle the speed-up of infrastructure programs. Afterwards he was expected in Brussels to attend the European People's Party summit and the spring European Council. The agenda of the spring meeting of the council includes assessment of economic issues, financing in the European Union, power security and weather changes.

French group Renault, the owner of the country's largest carmaker Dacia, recently required the Romanian government a state aid worth 170 million euros for Dacia, the testing center in Titu, the suppliers of Dacia and also for Nissan Romania.

Romania's Chamber of Deputies approved on March 10 an emergency ordinance allowing the state to grant a 143 million euro state aid for the American car maker Ford plant in the southern city of Craiova in the period 2008 - 2012, for regional development.

The auto industry in Romania received one of the largest blows in the background of the crisis after global demand fell and caused setbacks in production. Romanian president declared at the end of January the state will support investments for vehicle production both at Ford and Renault.

NewsIn