VOLVO GIVEN GREEN LIGHT FOR STOCKHOLM FINANCING OF GREEN MODELS
June 1st, 2009
BY KEITH NUTHALL
VOLVO has secured permission to secure Swedish government loan guarantees covering 90% of the Euro 500 million it plans to borrow from the European Investment Bank to finance for developing new green models. The European Commission announced today (June 5) that it was authorising the guarantee from Stockholm, under its temporary liberal state aid controls, eased to help European industry cope with the recession.
European Union (EU) competition Commissioner Neelie Kroes said: "The state guarantees would contribute to Volvo's investment ...
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