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Jun 05, 2020 PRINT EDITION
Business

Italy Econ min confident govt, Fiat can complete state-backed loan

 Fiat Chrysler's Italian division is working with the government and lender Intesa Sanpaolo to obtain 80% state guar
May 22, 2020
  • Fiat Chrysler's Italian division is working with the government and lender Intesa Sanpaolo to obtain 80% state guarantees on a 6.3 billion euro.
  • This guarantee is remunerated and so the state makes a profit and so if the operation is finalised.

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 80% state guarantees on a 6.3 billion euro ($6.9 billion) three-year loan facility to help weather the COVID-19 pandemic.

"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.