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Volvo wants a bigger European Investment Bank loan than previously planned

Swedish automaker Volvo Cars is now seeking a bigger European Investment Bank (EIB) loan than it earlier planned. Instead of 500 million, Volvo wants 600 million euros ($758 million) from the EIB, which is the European Union's long-term lending institution.

Volvo, whose parent is Geely Automobile, said last Tuesday that talks have resumed with Sweden about a government guarantee for the EIB loans to create environmentally friendly vehicles.

In March 2009, Volvo was granted an initial 200 million euro loan. However, Geely’s takeover placed talks about a guarantee on hold before the deal was completed. Volvo spokesman Per-Ake Froberg said that the timeframe is now different.

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