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14 11 2017 01

The European Investment Bank (EIB) has agreed to provide Volvo Car with a loan of €245m to back its research and development in connectivity, efficient petrol hybrid engines, longer-range electric cars and advanced driving assistance systems.

The EIB transaction with Volvo Cars was made possible by the European Fund for Strategic Investments (EFSI), which is the central pillar of the Investment Plan for Europe. It was founded by the EIB Group and the European Commission to boost the competitiveness of the European economy.

“We are happy to support a European car maker in addressing the disruptive technology shifts towards e-mobility and autonomous driving. Volvo Cars’ research and development projects will contribute to making their cars safer, cleaner and greener, which benefits us all,” said EIB Vice-President Alexander Stubb, responsible for EIB operations in Northern European countries.

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Tags: Mobility

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