Moscow authorities and KAMAZ invested five billion rubles in the Moskvich plant
MOSCOW, 1 August – RIA Novosti. Moscow and KAMAZ officials will invest 5 billion rubles in the Moskvich automobile plant, financing will be provided within 60 days after the signing of the agreement, reported In an agreement signed by the Moscow government and the KAMAZ company.
“The parties agreed that they will provide the Company with financing in the amount of 5,000,000,000 (five billion) rubles per equal share within 60 (sixty) calendar days from the date of conclusion of the contract specified in article 2.1.2 of this Agreement. In order to invest in the adaptation of the agreement, each of the shareholders participates in the authorized capital of the Company,” says the agreement, published on the official portal of the mayor and the Moscow government.
The agreement states that KAMAZ will hold a 50% stake in the plant by October 1 at the latest. The funding scheme and terms will be determined before 1 September.
Earlier, the Moscow government and Kamaz signed a cooperation agreement on Wednesday. According to Moscow Mayor Sergei Sobyanin, at the first stage, the Moskvich plant will carry out an assembly of SKD cars from friendly countries, at the second – their production with a deeper localization, in parallel with this, the development of its own automobile platform will begin.
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