OREANDA-NEWS. June 14, 2011.  State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, OJSC SOLLERS and CJSC Ford Motor Company entered into a Memorandum on Financing the Creation of JV Ford-Sollers. The signing of this Memorandum was approved by Vnesheconombank’s Supervisory Board in April of 2011.

On behalf of Vnesheconombank the Memorandum was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of OJSC SOLLERS – by its Director General Vadim Shvetsov, on behalf of CJSC Ford Motor Company by Board Director, Ford of Europe Executive Director Stephen Odell.
Under the Memorandum Vnesheconombank undertakes to provide financing for the project’s implementation after its comprehensive expert’s examination and credit security structure acceptable for the Bank have been completed.

By a preliminary estimate, the project’s total value is more than 74 billion rubles, the Bank’s projected participation share is 39 billion rubles for a period of up to 10 years.

Final terms of the Bank’s participation in financing the project are to be approved by Vnesheconombank’s Supervisory Board.

The project aimed at creating Ford-Sollers joint venture provides for setting up and modernizing three automobile production facilities in such cities as Naberezhnye Chelny, Elabuga and Vsevolzhsk as well for building an engine production plant and setting up a research technical center in Russia. As a result of the project’s implementation Ford Sollers’ total capacity is expected to reach 350 thousand automobiles and 180 thousand engines per year. At the same time, the production localization level would amount to 60%. Moreover, more than 3 thousand new jobs are scheduled to be created.