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European Investment Bank Demonstrates Support for Spanish Automotive Industry with Huge Loan

By John Smith • Published: 26 May 2020 • 15:29

SPANISH multinational company Gestamp, which specialises in the development and manufacture of metal components for the automotive industry, is receiving a €200 million loan from the European Investment Bank (EIB).

These funds will be used to develop new research lines enabling the production of safer, lighter and therefore more environmentally friendly cars.

Gestamp’s strategy will centre on the development of new metal processing technologies for application to the production of vehicle components such as chassis and bodywork.

The project aims to facilitate the design of lighter and safer vehicles. The new components will also boost the development of electric vehicles, helping to cut emissions.

The project will be implemented over a period of four years and will help to safeguard highly skilled jobs which is important following the reduction of business caused by the coronavirus, Covid-19 pandemic.

Written by

John Smith

Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Currently he is acting as Editorial Consultant for the paper helping to shape its future development. Share your story with us by emailing newsdesk@euroweeklynews.com, by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews

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