Vnesheconombank to finance project on creating Ford –Sollers automotive production

State Corporation “Bank of development and external economic activity (Vnesheconombank)” has concluded loan agreements with OOO “Ford Sollers Holding”, OOO “Ford Sollers Elabuga” and ZAO “Ford Motor Company” for the total sum of 36 bln. roubles. President of Tatarstan Rustam minnikhanov attended the event.

On the part of Vnesheconombank documents were signed by Chairman Vladimir Dmitriev, on the part of OOO “Ford Sollers Holding” and OOO “Ford Sollers Elabuga” - Director general of JSC “Sollers” Vadim Shvetsov, on behalf of “Ford Motor Company” – Vice-president of Ford Motor Company (USA) - Vice-president on production issues Ford Europe Ken Macfarlane.

In accordance with agreements funds of Vnesheconombank will be allocated to finance investment project on creating joint enterprise “Ford Sollers” for producing auto and commercial cars.

The joint enterprise is being founded on a parity basis - partners will have 50 % authorized capital of the joint enterprise. Ford will contribute existing plant in Vsevolozhsk and distribution network in Russia. Sollers in its turn contributes plants in Nab.Chelny and SEZ “Alabuga”. All main automobile competences will be created within the frameworks of joint enterprise, - development center, engine production, auto production, including stamping of sheet metal.

Production of commercial cars Ford Transit and engines will be deployed in SEZ “Alabuga” using existing facilities where vans Fiat Ducato are currently produced. The engine-production plant with output 180 thousand motors per year will be constructed from scratch.