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Italy Economy Minister confident government, Fiat can complete state-backed loan

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05/22/2020 | 03:06pm EDT
Fiat Chrysler Automobiles logo is seen on a panel at the media center in Balocco

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.

He said the process had not yet been completed.

(Reporting by Angelo Amante, writing by Stephen Jewkes)

Stocks mentioned in the article
ChangeLast1st jan.
FACEBOOK -0.96% 229.75 Delayed Quote.12.99%
FIAT CHRYSLER AUTOMOBILES N.V. 1.42% 8.338 Delayed Quote.-37.69%
INTESA SANPAOLO SPA 2.85% 1.625 Delayed Quote.-32.72%
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