Italy Economy Minister confident government, Fiat can complete state-backed loan

News May 23, 2020 No Comments

Italy Economy Minister confident government, Fiat can complete state-backed loan

ROME: Italy’s Economy Minister Roberto Gualtieri said on Friday he was confident the government and Fiat Chrysler would be able to complete a deal over a state-backed loan for the carmaker.

Fiat Chrysler’s Italian division is working with the government and lender Intesa Sanpaolo to obtain 80per cent state guarantees on a 6.3 billion euro (US$6.9 billion) three-year loan facility to help weather the COVID-19 pandemic.

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“This guarantee is remunerated and so the state makes a profit and so if the operation is finalised, which I presume it will be, I hope, the state would earn 150 million euros,” Gualtieri said in comments on Facebook.

He said the process had not yet been completed.

(Reporting by Angelo Amante, writing by Stephen Jewkes)

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