Volga | Industry, manufacturing

AvtoVAZ to get $815m RF aid

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.
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Locations: Samarskaya oblast

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