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4-billion Euro boost for car industry

28/11/2008

Carmakers are set to benefit from £4 billion of European funding aimed at producing safer and greener vehicles.The move, which is part of a ?200-billion package to stimulate the economy, was announced by European Commission president Jose Manuel Barroso.Known as the European green cars initiative, it is set to include research on a range of technologies and energy infrastructure.The goal is for a breakthrough in the widespread use of renewable and zero emissions energy sources, while boosting safety levels and freeing up traffic.The package will be financed by the car industry, EU member states, the European Investment Bank and the EU itself."What we have to do for the car industry is to help transform it into a more modern industry, more friendly to the environment, and in fact adapting it to the new trends in overall demand," Barroso told a press conference.

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