The Strategist
The Strategist

Fiat Chrysler to receive € 6.3B assistance from Italian government



06/22/2020 - 06:27



According to Reuters, the Italian-American automaker Fiat Chrysler has reached an agreement with the government on a loan in the amount of € 6.3 billion. This will be the largest loan issued to any of the automakers in Europe since the beginning of the pandemic and guaranteed by the government.



needpix.com
needpix.com
As previously reported, the Italian government was ready to guarantee the carmaker a loan for three years, which will be provided by Intesa Sanpaolo Bank. However, the main condition for its issuance was the obligation on the part of the manufacturer not to cut jobs in Italy. According to Reuters sources, Fiat Chrysler agreed not to cut Italian employees until 2023, and to invest € 5.2 billion in new and existing projects in the country.

According to the agency, Intesa agreed to provide a loan, now the program for assistance to the automaker should be officially approved by the Italian Ministry of Economy.

source: reuters.com