Russia’s largest bank, state-owned Sberbank, and Kaliningrad-based automaker Avtotor have agreed to invest RUB20bn in the creation of car production facilities in 2012–2019, the bank’s press office said in a statement Wednesday, RIA Novosti reported.
The parties signed an agreement on Wednesday (26 October, 2011), under which Sberbank and Avtotor plan to implement joint projects to create full-cycle automobile production facilities with a capacity of 300,000 cars annually, the bank said, according to the Prime news agency.
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Sberbank and Avtotor also agreed to cooperate in the creation of high-tech logitics facilities, processing of agricultural produce, as well as staff training and housing construction for Avtotor’s employees, among others.
Sberbank is also to advise and support Avtotor on the international capital market. Under the agreement, the limit of providing guarantees by the bank on Avtotor’s documentary transactions was set at up to US$200m.
Avtotor assembles cars using KD kits imported from BMW and Opel, Kia and various other General Motors units.
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