Fiat Secures EU Loan For Serbian Plant
News: Italian carmaker Fiat will still receive a EUR500mn (US$629mn) loan from the European Investment Bank (EIB) to construct a new facility in Serbia to produce the 500L minicar. The move comes after the EU's finance division offered the subsidised loan in May 2011. The total project, which is worth EUR1bn (US$1.26bn), is part of a tie-up with the central Serbian city of Kragujevac. The loan includes contributions from Fiat and the Serbian government. While the EIB had pledged to pay EUR500mn (US$629mn) and Fiat EUR410mn (US$516mn), the Serbian government has said it will give only 55% of the EUR90mn (US$113.2mn) it was due to pay the carmaker in 2012.