Ford green car loan signed off

The £360m loan guarantee for Ford’s green car scheme was signed off today by Business Minister Mark Prisk.

The Government is providing a £360m guarantee for Ford’s £450m loan from the European Investment Bank (EIB).

Ford is investing £1.5bn over the next five years for the development of a new generation of environmentally friendly engines and vehicle technologies.

Four sites will benefit from the investment which will also safeguard around 2,800 skilled jobs. These are Dutton, Essex, Dagenham, Southampton and Bridgend in South Wales.

Business Minister Mark Prisk said: “Ford has an impressive track record in research and development. Its investment of £1.5bn over the next five years is a great opportunity to take the lead in developing low carbon manufacturing. This backing from the Government will help to ensure the long term success of manufacturing in the UK and make sure we are at the forefront of new technologies.”