LONDON (AP) -- The British government said Thursday that it is providing financial backing for Ford's program to develop environmentally friendly technologies for engines and vehicles.
The Department for Business, Innovation and Skills said it was granting Ford 360 million pounds ($550 million) in loan guarantees, in support of the company's bid for a 450 million pounds loan from the European Investment Bank.
Ford Motor Co.'s programs would protect around 2,800 skilled jobs at its research and development center and at three manuracturing plants in England and Wales, the department said.
The loan guarantee supports research and development for Ford's commercial vehicles and the development of low carbon emission diesel and petrol engines, including investment in new production facilities for low-carbon engines, the department said.
About a quarter of all Ford engines worldwide and more than half of its diesel engines are made in the United Kingdom, the department said.
