We all know that ever since the recession began, GM has been the worst hit car maker in the United States; it has been selling its brands left and right. General Motors is currently selling its German Opel brand to Canada’s Magna International and the American car maker is also selling its ailing Swedish Saab brand.

GM recently got a boost from European Investment Bank regarding the sale of the Saab brand.

The European Investment Bank – the European Union’s financing arm – announced on Wednesday that it has approved a $599 million loan for Saab. The cash injection is expected to be enough to complete the sale of Saab to a group of investors led by Koenigsegg Group AB.

“The loan to Saab has been approved,” an EIB spokesman told Reuters.

The Koenigsegg Group AB is composed of several investors; the most prominent is Swedish supercar maker Koenigsegg. But China’s Beijing Auto just acquired a stake in Koenigsegg, this will give the Chinese company right to use Saab technology, including the company’s previous-generation 9-5.