AvtoVAZ has signed an agreement to buy a 25% plus one share stake in Kazakh carmaker Azia Avto, the Eurasian Development Bank said in a statement Monday.
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AvtoVAZ will grant Azia Avto the right to assemble up to 120,000 Lada cars per year for a period of ten years, the statement read.
The Eurasian Development Bank will finance the production of Lada cars and their components at Azia Avto, it said.
AvtoVAZ President Boris Alyoshin and Eurasian Development Bank CEO Igor Finogenov have signed a 10-year cooperation agreement, the bank said.
The Eurasian Development Bank is co-owned by the Russian and Kazakh governments.
