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,
Click to watch an animation of the "NIB story", a brief narrated presentation of the Bank's activities and how they contribute to fulfilling its mission.
20 Nov 2017
On 18 November, the Helsinki city transport operator HKL launched a 14-kilomtre extension of Helsinki metro line into the city of Espoo.
18 Nov 2017
A loan to the Norwegian regional utility Glitre Energi AS will finance the roll-out of an advanced smart metering system and regional and distribution power grid upgrades.
16 Nov 2017
Glitre Energi AS (Norway) (16 Nov 2017)
Deutsche Leasing Sverige AB (Sweden) (9 Nov 2017)