Ford has received a loan guarantee from the Government to secure a  £450 million loan from the European Investment Bank for the development of new generation engines and vehicle technologies in the UK.

 

The funding for research and development of low-carbon engines and commercial vehicle technologies at Ford manufacturing plants was signed off at Ford’s Dunton technical centre.

The package, backed by the Government's 80% loan guarantee, forms part of Ford’s £1.5 billion engine and vehicle development programme to be implemented over the next five years.

The investment partly should safeguard around 2,800 jobs.

“The European Investment Bank is pleased to support Ford’s cutting-edge engine research and development in Dunton and Dagenham, and the company’s upgrading of manufacturing operations in Bridgend, Southampton and Dagenham, in particular through the European Clean Transport Facility," said European Investment Bank vice-president Simon Brooks.

"A new generation of low-emission engines and more fuel-efficient vehicles will develop new skills and innovation across the United Kingdom, and these new vehicles will make a significant contribution to combating climate change.”

Business Minister Mark Prisk added: "Ford has an impressive track record in research and development. Its investment of £1.5 billion 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."