Jaguar Land Rover to receive loan
* Car maker expected to get 270 million * Money from European Investment Bank * Company meets green criteria...
Jaguar Land Rover will tomorrow get the go ahead for a loan of 270 million from the European Investment Bank (EIB).
Government sources have told the BBC that Jaguar Land Rover has met the EIB's loan criteria. A loan of 364 million will also be shared between Nissan's factories in Sunderland and Spain.
There is a strict criteria for any loan to be approved by the EIB, which requires car makers to invest in green technology to help lower emissions caused by manufacture and use of its vehicles.
Jaguar has already cut 450 staff this year and is expected to make a further 300 workers redundant from its 14,500-strong workforce.