EU finance ministers back fresh green car funds

Council approves doubling of European investment bank loans for greener cars, extra money for energy and climate initiatives

European finance ministers have approved a near-doubling of loans from the European investment bank (EIB) to the car industry for the development of greener cars, and extra funds for energy, climate and infrastructure projects for the period from 2009 to 2010.

The EIB will provide an additional €2bn annually to "clean transport" projects over the next two years, finance ministers agreed in Brussels on Tuesday. The vast bulk of this will go to the car industry, an EIB spokesperson told ENDS.

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