EIB offers USD29.6 million loan to Spanish supplier Cikautxo
Cikautxo supplier will use the loan to invest in research, development and innovation and new manufacturing processes
The European Investment Bank (EIB) has announced to offer EUR26 million (USD29.6 million) loan to Spain-based automotive supplier Cikautxo, EIB said in a press release on 5 February. The Spanish supplier will use the fund to make investment in research, development and innovation (RDI) at its Berriatua facility in Biscay (Spain), which also houses its headquarters. The company plans to conduct research into fuel efficiency and lightweight auto parts manufacturing to promote development of electric and more fuel-efficient vehicles. In addition, Cikautxo will invest in implementing new production processes to drive manufacturing using recyclable alternatives to rubber.