ITALY - Government approves public loan guarantee for Fiat Chrysler


The Italian state approved today a public guarantee for the loan of 6.3 billion euros requested by "Fiat Chrysler Automobile" (FCA), the Ministry of Economy announced.

The guarantee is part of the public assistance schemes offered to firms affected by the COVID-19 pandemic.

"It is a systematic operation, which aims to protect and strengthen the Italian automotive supply chain and restart investment, innovation and employment in a strategic sector," said Economy Minister Roberto Gualtieri.

When the FCA company initially said it would seek a state guarantee in May, it sparked a heated political debate over the merits of aid to a company that has relocated its legal and tax headquarters from Italy but still remains Italy's largest private employer.

The FCA is in the process of merging with the PSA of France, the parent company of Peugeot, Citroen and Opel./ATA



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