Nizhny Novgorod auto dealer L-Premium is to open a $14m line of credit with Sberbank, the bank reports.

The funds are reportedly to be loaned for up to seven years, interest rate has yet to be disclosed.

Under plans, the funds are to be invested into ongoing construction of a Toyota dealership center in Nizhny Novgorod. The 12,000-square-meter center is scheduled to be put into commission in Q3 2011.