Saab has received the approval from the European Union to be granted a loan from the European Investment Bank. The Luxembourg institution will make a final decision regarding the Swedish brand in the coming weeks.

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The European Union approved the loan application of the Spyker for Saab. The loan will be granted by the European Bank of Investment and has a value of €400 million (about $550 million). The Swedish Government has guaranteed for Saab in the loan application which was sent to the EIB. It appears that the loan was approved because creditors have found the necessary guarantees and an appropriate pay source.

Saab will have to use the money received from this loan to develop cleaner and more economical models in terms of fuel consumption. This does not excludes the development of performance models, but they do not exceed the number of ecological models of the range, and must have CO2 emissions as low as possible. The guys from Spyker will do all the steps needed in order to make Saab become profitable until 2012.

European Investment Bank must approve the loan internally, but European Union support will facilitate the transaction.

Via Autocar