European carmakers could get up to €40bn ($52bn, £31bn) in “soft loans” from the European Investment Bank to the industry to help develop more fuel-efficient technologies, a top EU official said on Wednesday.

Günter Verheugen, industry commissioner, said that loan subsidies could be provided through the EIB in an effort to develop greener cars and meet EU environmental targets, although he pointed out that it was ultimately a matter for the bloc’s member states and the EIB to decide.