Fiat Chrysler close to green light for $7.1 billion state-backed loan

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 oper
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FILE PHOTO: Fiat logo (Representational Image) (REUTERS)
FILE PHOTO: Fiat logo (Representational Image)

Fiat Chrysler (FCA) is very close to obtaining the necessary authorisations to receive a 6.3 billion euros ($7.1 billion) 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.

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"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. "They (the authorisations) could arrive in the coming hours."

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Intesa Sanpaolo, Italy's biggest retail bank, has already authorised the loan pending the approval of guarantees the government will provide on 80% of the sum through export credit agency SACE.

First Published Date: 23 Jun 2020, 20:29 PM IST
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