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VEB to give 60 bln roubles to finance AVTOVAZ’s development program

December 17, 2012, 15:00 UTC+3
According to the prime minister, the program targets to overhaul the plan’s assembly lines and to launch the production of new car models
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GORKI, December 17 (Itar-Tass) —— One of Russia’s biggest banks, Vnesheconombank of VEB, will allocate up to 60 billion roubles to finance the development program of Russia’s leading car manufacturer, AVTOVAZ, Russian Prime Minister Dmitry Medvedev said on Monday at a meeting of the Vnesheconombank’s supervisory board.

“It is planned to consider the issue of the financing of AVTOVAZ’s development program till the year 2020 by Vnesheconombank. The program’s overall cost is 177 billion roubles, VEB’s contribution is about 60 billion roubles,” Medvedev said.

According to the prime minister, the program targets to overhaul the plan’s assembly lines and to launch the production of new car models. “The program incorporates more than one investment project, and each of them is to be scrutinized by experts,” he added.

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