Italy confident that government, Fiat can complete state-backed loan

Italy’s Economy Minister Roberto Gualtieri stated on Friday he was confident the government and Fiat Chrysler Automobiles (FCA) would be able to finish a deal over a state-backed loan for the automaker.

Fiat Chrysler’s Italian division is collaborating with the government and lender Intesa Sanpaolo to grab 80% state guarantees on a 6.3 billion euro ($6.9 billion) three-year loan facility to help weather the COVID-19 coronavirus crisis.

“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 wrote in comments on Facebook.

Gualtieri added that the process had not yet been finished.