Sweden guarantees $500 mln EIB loan to Volvo Cars

Newswire

STOCKHOLM, Dec 22 (Reuters) - Sweden decided on Wednesday to give a state guarantee for a loan worth 3.55 billion crowns ($521 million) to Volvo Cars, owned by China's Zhejiang Geely Holding Corp, from the European Investment Bank. The government said in a statement that the EIB loan was aimed at helping Volvo, which was bought by Geely from Ford , to develop competitive, environmentally friendly cars. "At the same time, this builds long-term conditions for Volvo's operations and jobs in ...

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