The contact, signed by EIB vice chairman Dario Scannapieco and Michele Pallottini, chief operating officer finance for the Piaggio Group, outlines a seven-year loan. The EIB approved the one after seeing Piaggio’s research and development plan for 2009-2012.
“In addition to enabling Piaggio to expand its R&D investments for development of innovative environment-friendly vehicles offering enhanced safety features and lower fuel consumption, the EIB loan will also strengthen our Group’s financial position, at terms and conditions that are extremely competitive in today’s market,” says Pallottini.
The Piaggio Group is the fourth largest producer of scooters and motorcycles in the world and includes the brands such as Aprilia, Moto Guzzi and Vespa. The injection of 150 million euros should strengthen development for a company that has already produced innovative machines such as the three-wheeled Piaggio MP3 which will soon be available in a hybrid version.