Ukrainian auto producer ZAZ has secured a US$75m loan from Russian bank MDM.

According to the company’s major shareholder UkrAVTO, the loan is at an annual rate of 8.5%. Further details were not provided.

ZAZ is based in Zaporizhya and is joint owned by Avtozaz and the Swiss investment company Hirsch&Cie. UkrAvto is 81% owned by AvtoZAZ.

In April this year, ZAZ begun mass production of small passenger buses using chassis from India’s Tata Motors.