Russia’s Banque Societe Generale Vostok has signed a memorandum to provide a loan to AvtoVAZ to pay for production and distribution licences from Renault.
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The loan will be provided for seven years at an annual interest rate not to exceed 7%, AvtoVAZ president Boris Alyoshin told Prime-Tass, adding that the size of the loan had not yet been determined.
AvtoVAZ signed a deal last October to buy licences from Renault for EUR220m. They will give the largest Russian automaker rights to assemble and distribute two type of engines, as well as R90 and F90 cars and the BO platform, Alyoshin said at the time.
BSGV is wholly owned by French banking group Societe Generale.
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