Russian car manufacturer AvtoVAZ, known for its Lada brand, plans to attract up to $4.5 billion of investment to update its product range under an agreement signed between the company and a Russian bank, the company`s press service said Friday.

The agreement between AvtoVaz and the Russian Bank for Development, which ranks among Russia`s 80 largest banks by shareholders` equity and 10 most reliable banks, provides for investment cooperation, long- and short-term loans and other forms of credit, and the obtaining of funds on domestic and foreign markets, including on a syndicated basis, to implement major investment projects.

AvtoVAZ (RTS ticker: AVAZ) is a leading Russian car manufacturer with a current market capitalization of $1.43 billion. The company is based in Togliatti in the Volga region and produces around a million cars per year under the Lada brand.
sections: Society, Economics, Region News
areas: Volga region