Brussels--The European Investment Bank has announced it is lending â‚¬40 million to Continental do Brasil Produtos Automotivos Ltda. to help implement a new production facility of passenger car tyres. The additional capacity will contribute mainly to exports towards the NAFTA market, and partly to satisfy the fast-growing domestic demand.
In a statement, EIB said, "The project includes, among others, the engineering of the tyre plant, civil works, and the installation of production equipment. The annual capacity will be more than four million tyres. The project will create some 600 jobs and is to be completed by the end of 2007."
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Press release from EIB