EC May Clear EUR320M Guarantee For Ford Romania This Week

The European Commission might approve this week the EUR320 million guarantee granted by Romania to US carmaker Ford, owner of local assembly plant Automobile Craiova, Competition Council head Bogdan Chiritoiu told a news conference Tuesday.

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The Finance Ministry will guarantee 80% of the value of a loan that Ford will contract from European Investment Bank for investments in Craiova plant.

"The support, worth EUR320 million, observes the provisions of the Temporary Community Framework regarding state aid for supporting the access to financing in the context of the current financial and economic crisis," the Competition Council said in July.

Ford bought Automobile Craiova in 2007.

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