Tag Archives: EIB Board

European Investment Bank Loan Approved For Koenigsegg & Saab!

Posted on 21. Oct, 2009 by .

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The European Investment Bank has approved the $400 Million Euro loan for Saab Automobile AB!

This monumental milestone is now going to help finalize the sale of Saab from GM to Koenigsegg.

The next steps in this loan process are for the European Commission to accept it, then for the Swedish Government to endorse the loan as a guarantor, then it’s a done deal.

Today is a great day, we should all look forward to the sales process being wrapped up shortly once the next few steps are completed.

Here is the official press release from the EIB’s website as Saab Automobile has yet to make a public statement.

EIB Board approves further EUR 600m in loans for the automotive industry

* Release date: 21 October 2009
* Reference: 2009-207-EN

The European Investment Bank’s Board of Directors today approved loans to European-based car makers worth a total of EUR 600m.

One of the loans approved today amounts to EUR 400m for SAAB Automobile AB. The loan will be used for research and development activities for the improvement of fuel efficiency and safety including new tooling for the production of cleaner and safer cars, subject to the European Commission’s approval of the Swedish state guarantee.

In total, since December 2008 the EIB has approved loans to the automotive sector (manufacturers and suppliers) worth EUR 7.56bn, whereof EUR 4.52bn under the EIB’s European Clean Transport Facility (ECTF). EUR 320m out of the EUR 400m approved for SAAB would be provided under the ECTF. The Facility, part of the EIB’s wider response under the European Economic Recovery Package, targets significant cuts in vehicles’ CO2 emissions through research, development and innovation, as well as the production of cleaner and more fuel-efficient cars and other transport and also through tangible fixed assets in related infrastructure and production plants. The remainder is intended to help SAAB improve the active and passive safety of its future vehicles.

After the approval of the operations the contracts will be negotiated and signed, followed by disbursement according to the progress of the projects. In 2009, EUR 3.6bn has already been disbursed to the automotive sector and it is forecast that this will reach around EUR 6.0bn by year-end. Further disbursements will follow in 2010.

Note for the editor:

The European Investment Bank was created by the Treaty of Rome in 1958 as the long-term lending bank of the European Union. The task of the Bank is to contribute towards the integration, balanced development and economic and social cohesion of the EU Member States. The EIB raises substantial volumes of funds on the capital markets which it lends on favourable terms to projects furthering EU policy objectives. The EIB continuously adapts its activity to developments in EU policies.

* press@eib.org
* +352 43 79 – 21000

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Saab History Receives Clarity From Saab Automobile On Swedish Governments Request To European Commission

Posted on 06. Oct, 2009 by .

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Saab History has requested and now has received more clarity on the European Investment Bank loan status from Saab Automobile’s Anna Petre, head of Government relations.

A thank you to her for giving us the details, particularly with the three remaining items listed below.

They have not granted the loan yet. The Government have asked the European Commission for a so called notification of the state guarantee. Since Sweden is a member of the European Union there are certain rules for when state aid is permitted and by this notification the EU Commission will see to that the state guarantee for Saab is ok according to EU regulation.

There are three parallel processes that have to be finalized (preferably in the same time frame) before we get the EIB loan. All three are on going and on track.

1. EIB application approved by the EIB Board
2. Finalize negotiations with the National Debt Office regarding the terms
of the state guarantee
3. EU Commission approval of the state guarantee (Swedish Government Seeks Approval On Friday)

Best Regards

Anna

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Saab History Receives Update From EIB

Posted on 01. Oct, 2009 by .

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Saab History has received another update from the European Investment bank stating that there is no real news and that everything continues to be focused on presenting the project to the EIB by October 21st, 2009.

Nothing new to report really.

The EIB continues its appraisal of the project and the discussions with the potential borrower are ongoing with the aim to present the project to the EIB Board on 21 October.

Best regards,
EIB

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