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Wed 08 April 2009 View all news
Jaguar Land Rover and Nissan have received a combined £720m in long-term loans from the European Investment Bank (EIB) which are intended to help the companies invest in the research and development of lower carbon vehicles.
Jaguar Land Rover has approval for a £340m loan for investment in research and development of more fuel-efficient cars at its Midlands and Merseyside factories while Nissan has been offered £380m for a research and development project into cleaner cars, to be split between its plants in Sunderland in the north-east and Avila, Spain. The loans are part of a £2.3bn funding package with which the Business Secretary, Lord Mandelson, has pledged to assist the industry.
Most of the finance is in the form of loan guarantees, but there is also some direct aid for carmakers.
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