The government of Sweden announced that it would provide backing for a loan that Saab might receive from the European Investment Bank if the Swedish automaker can find a private backer that will provide half the financing required for the deal.

Prime Minister Fredrik Reinfeldt announced the plan, which came on the heels of former GM subsidiary Saab’s Friday filing for bankruptcy in its home country of Sweden. GM cut Saab’s strings last week, announcing that it would spin off the ailing Swedish company by the beginning of 2010.

Prime Minister Reinfeldt said that Sweden did not plan to own Saab, but it would help it find another owner after GM’s decision and the bankruptcy filing.