International Renault and Ford carmakers, which applied for guarantees from the Romanian state for European Investment Bank (EIB) financing, could receive the loans this March, according to outgoing Finance Ministry State Secretary Eugen Teodorovici for Business Standard. French Renault group controls the largest local car manufacturer, Automobile Dacia, and needs €100 million for a technology center near Bucharest. U.S car manufacturer Ford, which is having a hard time at home, last year purchased local producer Automobile Craiova, and requested a €400 mln loan for investments. “The two auto industry giants are to benefit from maximum state guarantees, meaning 80 percent of the financing. In the case of Ford, the state will guarantee €320 mln of the EIB loan, while the guarantee for Renault amounts to €80 mln. The remaining funds are to be guaranteed by other financial institutions,” Teodorovici said. He added that the new government is interested in supporting these investments, that are likely to create jobs and will help revive the economy amid the global crisis. European Investment Bank officials were not available for comment before the closing of this edition. However, EIB Manager for South-Eastern Europe, Andreas Verykios, recently told Business Standard that the institution was discussing the loan with the two companies and the Romanian state, and that a decision could be made in the first quarter of 2009.
