The European Investment Bank (EIB) is investigating whether any EU loans were involved in the Volkswagen emissions scandal. The German carmaker could be forced to pay the money back if the bank finds that it used EU funding to cheat on emissions tests, EIB boss Werner Hoyer told Süddeutsche Zeitung.
“The EIB could have taken a hit [from the scandal], because we have to fulfil certain climate targets with our loans,” Hoyer told the German newspaper. Volkswagen officials have acknowledged the company cheated on diesel emissions tests in the US. The German transport ministry said VW also manipulated results in Europe as well. Since 1990, EIB has loaned VW around €4.6bn to develop engines with lower emissions, among other things, according to Süddeutsche Zeitung.
