Image: Volvo Car Corporation.
NIB and the Volvo Car Corporation have signed a five-year loan agreement of SEK 1 billion (EUR 102 million) to finance the next phase of Volvo Cars' R&D programme.
The loan will support financing for the development of new modular engine technology aimed at improving vehicle performance and fuel economy.
The R&D programme is expected to promote skill development in Sweden’s automotive cluster, and generate synergies and benefits through knowledge transfer and cooperation between Volvo Cars' R&D centre in Gothenburg and local universities.
“Volvo Cars is an industrial leader in the Swedish automotive industry. The company’s investment in technological innovation will support the competitiveness of the manufacturing process in the region,” says Henrik Normann, NIB President & CEO.
The Volvo Car Corporation has been in operation since 1927. Today, Volvo Cars is one of the most-well known car brands in the world. During 2015, the company sold 503,127 cars in about 100 countries. Volvo Cars has been under the ownership of the Zhejiang Geely Holding (Geely Holding) of China since 2010.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
For further information, please contact
Mr Lars Synnes, Senior Manager, Origination, at +358 10 618 0504,
Ms Lisa-Maria Altenberger, Communications Unit, at +358 10 618 0234,
In 2016, NIB increased its new lending to EUR 4.4 billion. While corporate investment remained subdued, the demand for long-term loans saw strong growth, particularly in the public sector.
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