London, www.just-auto.com, 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%.
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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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