Motor Vehicles: Manufacturing Industries

Business, Enterprise and Regulatory Reform written question – answered on 7 May 2009.

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Photo of Stephen Byers Stephen Byers Labour, North Tyneside

To ask the Minister of State, Department for Business, Enterprise and Regulatory Reform what his most recent assessment is of the progress made by the European Investment Bank to (a) Nissan and (b) Jaguar Land Rover in agreeing terms for financial assistance; on what date he estimates the financial assistance will be made available; and if he will make a statement.

Photo of Ian Pearson Ian Pearson Parliamentary Under-Secretary (Economic and Business), Department for Business, Enterprise & Regulatory Reform, Economic Secretary (Economic and Business), HM Treasury

holding answer 30 April 2009

The European Investment Bank announced on 7 April that its Board had approved in principle a loan of €400 million to Nissan to support fuel efficiency projects in the UK and Spain, and a loan of €360 million to Jaguar Land Rover to support low carbon projects in the UK. Both companies are now engaged in separate discussions with the EIB to agree terms for the respective loans.

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