EIB Global commits €73 million to accelerate the decarbonisation of the automotive industry
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European Investment Bank Global, the arm of the European Investment Bank (EIB), announced that it will be providing Fiat Chrysler Automobiles (FCA) Serbia with a €73 million loan.
The EIB funding aims to modernize and equip FCA’s car manufacturing facility in Kragujevac, enabling it to transition to producing a new electric vehicle platform.
The project intends to support the green transformation of the European automotive industry, elevate competitiveness, and enable the transfer of technology and expertise.
The funding being one of the largest EU foreign direct investments in the Western Balkans, is also expected to attract additional private capital to the region, as per the announcement.
The investments encompass the implementation of advanced manufacturing solutions aimed at enhancing the affordability, efficiency, and performance of small electric vehicles.
Additionally, FCA Serbia plans to install photovoltaic equipment to generate a portion of the plant’s energy needs. The company will also focus on upskilling and retraining its workforce to effectively operate the new technologies.
Also read: EIB commits €400 million to enhance water security in Jordan
Vice-President Robert de Groot, responsible for EIB activities in the Western Balkans, said, “We are thrilled to be building on our long-standing relationship with the Stellantis Group, marking our second successful collaboration in the Western Balkans.”
He added, “The project aligns well with the EIB’s commitment to decarbonise the automotive sector and contributes to the deployment of breakthrough technologies and knowledge transfer in the region. The investment also promotes economic growth and integration between Serbia and the EU partner countries, which is a key objective for the EIB.”
Also read: EIB commits €490 million for energy-efficient homes in Catalonia with ICF
The new Fiat Grande Panda model, slated for production in Serbia, introduces a unique multi-energy platform, making it the first vehicle of its kind globally. This marks Fiat’s shift from localized production to a global product offering.
To commemorate the successful implementation of this project, a high-profile inauguration event was held at the upgraded Stellantis factory in Kragujevac, where future production lines for battery electric vehicles will be based.
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