Hard pressed automaker

EIB Approves Saab Loan

The European Investment Bank has approved a 570 million dollar loan to the Swedish-based Saab Automobile.

The loan is to be used for research and development in making cars safer and more environmentally-friendly. But the company’s head of information says the decision is not enough to save the General Motors owned unit. First the European Commission has to approve the state guarantees that are necessary for the loan, which also involves a go ahead from the Swedish government.

The Koenigsegg Group is in the process of buying Saab from GM.

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