Renault gets green light from EIB

The European Investment Bank said yesterday it had decided to lend French carmaker Renault €400m (£342.25m) for development of a new generation of environmentally friendly vehicles. Among other things, the money would go towards work on developing far lighter material for cars, said a statement from the EIB, the European Union’s investment arm. Renault-Nissan alliance chief Carlos Ghosn is betting on demand for electric cars, especially in China.