China Development Bank is lending Geely’s Volvo Car Group US$800m until 2021. It’s the second loan the automaker has secured from the bank since 2012.
This automaker will use the cash for product development and to strengthen its capital structure.
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It will begin drawing on the loan in 2013 with further payments planned during 2014 and early 2015. The loan is on the same terms as a deal for EUR922m the automaker and bank agreed in 2012.
