OREANDA-NEWS. April 9, 2009. AvtoVAZ and French lender Societe Generale (SG) signed a memorandum of intent, according to which the Russian automaker is to receive a loan to pay for Renault licenses. “The memorandum relates to the purchase of a license from Renault to manufacture a new model and produce engines.

SG will grant a credit facility to AvtoVAZ to buy the licenses,” AvtoVAZ CEO Boris Aleshin said after the signing ceremony. According to him, the loan amount has yet to be determined. “The auto maker is to sign a loan agreement. For the time being, I can only say that the licenses cost EUR 220 mn. The loan will be provided for a term of 7 years at no less than 7%,” Aleshin specified.