EIB and CIE Sign €36M Loan to Boost Innovation and Sustainability in Automotive Sector

CIE Automotive's CEO, Jesús María Herrera, noted that this loan, the fourth between the EIB and CIE Automotive over the past 15 years, continues their long-standing partnership.


Devdiscourse News Desk | Updated: 31-05-2024 21:02 IST | Created: 31-05-2024 21:02 IST
EIB and CIE Sign €36M Loan to Boost Innovation and Sustainability in Automotive Sector
The loan is also part of CIE’s strategy to diversify its financial resources, supplementing both commercial and institutional financing.

The European Investment Bank (EIB) and CIE Automotive have signed a €36 million loan agreement to finance the company’s research, development, and innovation activities. This funding will support the production of high value-added components for the automotive sector, process optimization through digitalization, and the development of more sustainable manufacturing technologies. These investments will be implemented at CIE Automotive's facilities in Spain, Germany, France, and Italy, including locations in cohesion regions.

Antonio Lorenzo, head of the EIB’s Corporate Lending in Spain Division, emphasized the EIB’s commitment to fostering innovation and sustainability within the European automotive sector through loans like this one. He highlighted that the financing will strengthen the technological research and development capabilities of Spanish multinationals such as CIE Automotive, essential for maintaining Europe’s leadership in the automotive industry.

CIE Automotive's CEO, Jesús María Herrera, noted that this loan, the fourth between the EIB and CIE Automotive over the past 15 years, continues their long-standing partnership. This ongoing support enhances the efficiency, innovation, and competitiveness of the Spanish automotive industry in a highly globalized sector. The loan is also part of CIE’s strategy to diversify its financial resources, supplementing both commercial and institutional financing.

The EIB’s investment aims to bolster the competitiveness of the European Union by aiding the reindustrialization of the automotive sector, which is currently experiencing significant changes due to electrification and digitalization. Additionally, this funding will help create and sustain high value-added jobs across four EU countries.  

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