OREANDA-NEWS. April 18, 2012. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and OJSC AVTOVAZ entered into a Memorandum of Intent to help enhance strategic partnership between the Bank and Russia’s largest car maker.

On behalf OF Vnesheconombank the memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev and on behalf of OJSC AVTGOVAZ – by its President Igor Komarov.

Under the Memorandum Vnesheconombank explores the possibility of its participation in funding investment projects under the Program of AVTOVAZ Development up to 2020.

The Program provides for implementing projects in developing and manufacturing new models, upgrading production lines and developing power plants, introducing new technical and technological competences.

The Program’s implementation will help increase volumes of output and sales of cars and technological retooling of production facilities in Togliatti and Izhevsk.

OJSC AVTOVAZ is one of Europe’s largest automakers. At present, its production facilities make it possible to manufacture 800 thousand cars per years. Since 1970 AVTOVAZ has produced more than 26 million cars. The plant manufactures mass production cars in a price range of 200-500 thousand rubles.