In December 2010, the Debt Office signed an agreement with Volvo Car Corporation concerning a government credit guarantee for a development credit in the European Investment Bank. The guarantee ended when Volvo repaid the loan to the EIB in December 2012.
In connection with the financial crisis of 2008, the EIB's mandate to contribute to the financing of the European automotive industry was extended. The Swedish Government's aim with the guarantee to Volvo was to strengthen research, development and production in Sweden in the long term.
Volvo's loan commitment facilitated a maximum loan of SEK 3.55 billion in the EIB. The loan was to be paid out during the period 2011 – 2013 and be completely repaid by 2017. When the company redeemed the loan, SEK 2.62 billion had been paid out.
Volvo made an early repayment of the loan to the EIB, having entered a new loan agreement with China Development Bank.