Saab Automobile gets "yes" for loans from EIB

08:38, October 22, 2009      

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Saab Automobile on Wednesday got a "yes" for a 400-million-euro (about 600 million U.S. dollars) loan from the Europe Investment Bank (EIB), according to local media reports.

The decision is made on the basis that the Swedish government provides guarantee that the money will be used for research and development in environment and safety, reported the Swedish television SVT.

Saab personal car company was sold to General Motors (GM) in 1999. GM decided to sell Saab this May and in August GM talked about the sale to Koenigsegg Group. But the problem was that Koenigsegg must prepare 500 million dollars for the takeover.

It was reported that Beijing Automotive Industry Holdings, BAIC had written a letter of memorandum with Swedish sports carmaker Koenigsegg to become a small owner with capital last month.

The 400-million-euro loan is believed to be able to facilitate the deal between GM and Koenigsegg Group which aims to take over Saab.

Source:Xinhua
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