Saab's takeover by Koenigsegg has moved a step closer after it secured a £365 million loan from the European Investment Bank.
Landing the additional funding fulfils essential condition of General Motors’ intended sale of the loss-making manufacturer to the Swedish supercar manufacturer, according to a report in the Financial Times.
The European Union-backed EIB said that the loan had been authorised to support research and development into improved efficiency and safety - but warned that the loan was subject to approval from the Swedish government and approval from the EU competition authorities.
Koenigsegg Automotive announced last month that it had entered into a consortium with China-based Beijing Automotive Industry Holding Co to boost its efforts to secure Saab.
Beijing Automotive has promised £250 million of investment and a deal to expand the Saab brand in China.