31 Jul '09
State-run Vnesheconombank (VEB) has announced a $161.3m loan agreement with Tatarstan-based auto maker Sollers.
According to VEB president Vladimir Dmitriev, the loan includes $42m to be invested in Sollers’ Primorsky regional project with the capacity of 15,000 vehicles a year, aimed at churning out Japanese 1.5-25-ton Isuzu trucks, Korean SsangYong SUVs and Italian Fiat Ducato minivans. The project will reportedly help create at least 1,000 new jobs in Primorsky Region.
The rest of the funds will be used for Sollers’ automotive production expansion in Tatarstan’s Alabuga special economic zone (SEZ), the VEB president said.
The loan agreement has been reportedly inked for six years.