2 Jun '09
RF Government is to transfer $815m state aid to Samara region auto giant AvtoVAZ within the next week, Kommersant reports.
The Government is reportedly to transfer the funds to state corporation Rostehnologies, which owns a blocking stake in AvtoVAZ, which will then loan the funds to AvtoVAZ at 0% interest.
The loan will enable the auto plant to redeem all payment to suppliers, the newspaper said.
Last December the RF prime-minister Vladimir Putin said that RF government was to provide $6.7bn in state support to the country's major auto manufacturers – Tatarstan's KamAZ and Sollers, Nizhny Novgorod's GAZ Group and Samara's AvtoVAZ.