Italy Approves $7.1 Billion State-Backed Fiat Chrysler Loan
- Fiat gets Europe’s biggest state-backed loan for a carmaker
- Deal involves lender Intesa Sanpaolo, credit insurer Sace
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Italy’s finance ministry approved a 6.3 billion-euro ($7.1 billion) credit facility for Fiat Chrysler Automobiles NV, setting the stage for Europe’s biggest government-backed financing to a carmaker since the start of the coronavirus pandemic.
The guarantee was authorized by Finance Minister Roberto Gualtieri, the ministry said in a statement on Wednesday. Italy’s top lender Intesa Sanpaolo SpA gave the green light to the loan last month. Trade-credit insurer Sace SpA will guarantee 80% of the amount.