The European Investment Bank (EIB) will lend SEK (Swedish krona) 3.55 bn to Volvo Car Corporation for research and development activities.
The loan will help finance research, development and innovation in improved fuel efficiency and lower emissions, including new tooling for the production of cleaner and safer cars. The EIB loan has a Swedish state guarantee approved by the European Commission.
Background:
The mission of the EIB, the European Union’s long-term financing institution, is to contribute to the integration, balanced development and economic and social cohesion of the EU Member States by financing sound investments. In the Baltic Sea Region, it supports a number of projects of the EU Baltic Sea Region Strategy and its four priorities: sustainable environment; regional prosperity; increased accessibility and attractiveness; safety and security.