London: Ford gets $640M government loan guarantee to protect UK engine exports

The UK government has granted a 500 million pound ($640 million) loan guarantee to Ford Motor to support the automaker’s substantial exports of engines and transmissions from Britain.

The guarantee will help Ford to increase investment in electrification and protect jobs at its sites in Essex and Dagenham, the UK’s Department for International Trade said in a statement on Tuesday.

The guarantee covers 80 percent of a 625 million-pound loan from commercial banks.