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Romanian Parliament Clears EUR143M State Aid For Ford

Romania's Chamber of Deputies approved Tuesday the Emergency Ordinance granting an EUR143 state aid to Ford Motor Company, which bought last year a car factory in the country's southern city of Craiova.
Romanian Parliament Clears EUR143M State Aid For Ford
10 mart. 2009, 15:00, English

The Emergency Ordinance 109/2008 was previously adopted by the Senate and the Chamber of Deputies is the decisional house.

In March 2008, Ford paid EUR57 million for a 72.4% stake in Romania’s Automobile Craiova assembly plant. It pledged to further invest EUR675 million to upgrade the Craiova car plant

The state aid was granted to support two investment projects in car production and engine production.

US carmaker Ford said in February it would invest EUR1.2 billion in its Romanian factory and asked for a EUR600 million loan from the European Investment Bank, or EIB, out of which EUR400 million will go directly to its Craiova plant, and the rest indirectly, to Ford Europe’s research and development center in Germany.