Ford loans to develop low carbon engines are signed off

The Government is providing a £360 million loan guarantee for Ford's £450 million loan from the European Investment Bank (EIB). Ford is investing £1.5 billion over the next five years for the development of a new generation of environmentally friendly engines and vehicle technologies. The Dunton site is one of four that will benefit from the investment which will also safeguard around 2,800 skilled jobs. The others are Ford's manufacturing plants in Dagenham, Southampton and Bridgend in South Wales. The Minister, who was also accompanied by EIB Vice President Simon Brooks, toured the laboratories where engineers put vehicles and engines through rigorous testing from extreme climates to crash simulators. Mark Prisk said: "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." Simon Brooks said: "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. 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." Ford of Britain chairman, Joe Greenwell, said the loans would help to unlock up to £1.5 billion in low-carbon and environmentally friendly engine and vehicle technology investment over the next five years. "This is a testament to the skills and capabilities of our UK workforce and demonstrates the scale of our commitment to Britain," he added.