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European Investment Bank approves $1.2 billion car industry loans

In a move which has been presented under the auspices of a green revolution in the European car industry, over $1.2 billion in loans have been cleared for EU car manufacturers. With the proviso that the funds are used to cut CO2 emissions and release cleaner cars to the car market, many car manufacturers will be relieved to say the least.

The likes of Nissan, Volkswagen and Jaguar Land Rover are all in line to receive significant financial assistance at a time when UK car sales have hit rock bottom. We see pictures in the papers of tens of thousands of new cars waiting for delivery to garages, for customers who disappeared some time ago. Many car manufacturers in the UK are currently on "short time" and there are concerns about the medium to long term viability of some UK car plants.

The release of this much-needed funding by the European Investment Bank is something of an embarrassment to the UK government which has promised much but delivered very little for the industry over the last few weeks. Peter Mandelson in particular has issued a number of promises of funding but despite headline grabbing comments nothing has been forthcoming so far.

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