Credit Request from Fiat

A loan request came from Fiat. Fiat Chrysler requested 6.3 billion euros of government-backed loans for use in Italian activities. Fiat Chrysler Automobiles NV has announced that it has begun talks to acquire a 6.3 billion euro state-backed credit line in Italy. According to the statement Saturday, the Italian unit of the automaker company is meeting with Intesa Sanpaolo SpA. The company is in talks for the loan opportunity it can use for three years. According to the statement made by the company, the loan that will be allocated to "financing FCA's activities only in Italy" will be able to support 10,000 businesses in the automotive supply chain in Italy. In the statement of Fiat, it was reported that Sace SpA, the commercial credit insurer of Italy, would provide public guarantee. In the previous announcement of the FIM-Cisl association, it was announced that the guarantee would be 80 percent of the financing amount. State-sponsored credit for Fiat Chrysler has the highest publicly guaranteed financing feature for an automaker in Europe due to the outbreak. Renault SA had made a 5 billion euro deal last month.