AvtoVAZ is expected to soon receive RUB28bn ($US965m) from industrial conglomerate Rostekhnologii, one of its shareholders, according to deputy economic development minister Andrei Klepach.

AvtoVAZ could receive the funds by the end of this week, he told Prime-Tass.

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The Russian government recently approved AvtoVAZ’s business plan up to 2020, which was one of the conditions to receive RUB28bn provided through Rostekhnologii, according to earlier reports. The government transferred the full amount to Rostekhnologii in March.

AvtoVAZ is expected to spend the funds to settle its debts to banks, while banks are in turn expected to provide long-term loans to the carmaker for modernisation, Klepach said.

Banks have already signed a memorandum to finance AvtoVAZ’s investment programme for at least this amount, he added, without naming the banks or providing any further details.

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