London,, 31st August 2000 - The European Bank for Reconstruction and Development is expected to offer roughly $175 million in support for a $500-$600 million car-making venture planned in Russia by domestic producer AO AvtoVAZ and US auto giant General Motors Corp - one of the EBRD's largest undertakings in the ex-USSR.

The full details remain unfixed but it is expected EBRD would offer credit and take a 14% stake in the venture. AvtoVAZ and GM each would hold 43%.

Vladimir Kadannikov, chair of AvtoVAZ's board of directors, said: "We have met the EBRD, and we spoke about a scheme where the bank would provide credit to the joint venture and take shares in the joint venture."

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