Fiat Chrysler (FCA) is very close to obtaining the necessary authorisations to receive a 6.3 billion euros (US$7.1 billion) state-backed loan ...
Fiat Chrysler is very close to obtaining the necessary authorisations to receive a 6.3 billion euros state-backed loan from Intesa Sanpaolo , an executive at the bank said on Tuesday.
FILE PHOTO: Fiat Chrysler Automobiles headquarters are seen in Turin, Italy, July 21, 2018. REUTERS/Massimo Pinca/File PhotoMILAN: Fiat Chrysler is very close to obtaining the necessary authorisations to receive a 6.3 billion euros state-backed loan from Intesa Sanpaolo , an executive at the bank said on Tuesday.
FCA's Italian division has tapped Rome's COVID-19 emergency financing scheme to secure a state-backed, three-year facility to support the group's operations in the country as well as Italy's car sector, in which about 10,000 businesses operate."We are waiting for the green light from the Economy Ministry, after that, from the audit court," Mauro Micillo, head of Intesa's corporate and investment banking unit said during a presentation.
Intesa Sanpaolo, Italy's biggest retail bank, has already authorised the loan pending the approval of guarantees the government will provide on 80per cent of the sum through export credit agency SACE.
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