BRUSSELS, Nov. 9 (Xinhua) -- The Volvo Cars and the European Investment Bank (EIB) have signed a loan agreement of 245 million euros (285.35 million U.S. dollars), which will back the vehicle giant in research and development programs.
The research projects are located in Volvo Cars' technical centers in Sweden and will be developed for autonomous or semi-autonomous vehicles.
The research activities are mainly in connectivity, efficient petrol hybrid engines, longer-range electric cars and advanced driving assistance systems, which will assist Volvo Cars in complying with CO2 requirements and regulations beyond 2020.
The 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 to increase the competitiveness of the European economy.
The plan 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," said EIB vice president Alexander Stubb, responsible for EIB operations in northern European countries.
