Italy close to approving €6.3bn loan to Fiat Chrysler to cope with Covid-19 hit – The National

Italy close to approving €6.3bn loan to Fiat Chrysler to cope with Covid-19 hit – The National

Italy close to approving €6.3bn loan to Fiat Chrysler to cope with Covid-19 hit. Italy is close to unveiling the approval of guarantees for a €6.3 billion ($7bn/Dh25.8bn) financing of Fiat Chrysler (FCA), two sources familiar with the matter said, paving the way for the largest crisis loan for a European car maker.. The loan would be disbursed by Italy's biggest retail bank Intesa Sanpaolo, which has already authorised it pending the approval of guarantees the government will provide on 80 per cent of the sum through export credit agency SACE.. Il Sole 24 Ore daily newspaper said on Sunday that the final terms of the FCA loan included a slight increase in the company's planned investments in Italy to €5.2bn, from €5bn.. Crisis loans in Italy are subject to a number of conditions, including a temporary dividend suspension.. The newspaper said that the conditions would allow FCA's Dutch holding company to pay a €5.5bn extraordinary dividend to shareholders once the carmaker's planned merger with France's PSA goes through.. The extraordinary dividend has been a focal point of discussions in Italy about the large state-backed loan.. Il Sole said the freeze on dividends, which applies until December 31, 2020, could