The European Investment Bank has awarded €55 million in loans to a Turkish car manufacturer for innovation and research projects.
The European Investment Bank signed a loan agreement with Türk Otomobil Fabrikası A.Ş. (Tofas), Turkey’s main car manufacturer, on 6 November. The is the first loan to Turkey supported by InnovFin-EU Finance for Innovators programme, which is funded with Horizon 2020 money.
It is expected that InnovFin-EU will make over €24 billion of financing for research and innovation loans available throughout the next seven years.