Financing boost for energy-efficient connected cars under Investment Plan

The Investment Plan for Europe – the Juncker Plan – continues to support financing in innovative sectors. The European Investment Bank (EIB) has signed a €245 million loan with Volvo Car Corporation to invest in a multi-faceted research and development programme. The programme includes the development of more energy-efficient engines, electric cars, and improved safety, navigation and driver-assistance facilities. European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: “The Investment Plan for Europe is boosting innovation throughout Europe, and today’s announcement is yet another example. This research and development project by Volvo will push the boundaries of automotive technology in Europe and take us another step closer to a low carbon economy.”  These deals under the European Fund for Strategic Investments (EFSI) come hours after the Council gave its formal green light to EFSI 2.0 – the extension and strengthening of the EFSI. As a next step, the Regulation will go to a plenary vote in the European Parliament.