The management of state bank Vneshekonombank (VEB) has declared its readiness to participate in the project of Russian autocompany Sollers and U.S autogiant Ford Motors, which have announced plans to set up a joint venture in Russia. “Formally, no agreements at present have been reached with this tandem, but we are ready to participate,” VEB CEO Vladimir Dmitriev said.
The project’s volume of investments, according to the data from the presentation prepared by the JV owners for Russian officials, is estimated at $1.4bln. The alliance between Sollers and Ford was created in February soon following the termination of a similar agreement between Sollers and Italy’s Fiat to set up a JV. The former partners said they now intend to independently carry out the realization of their long-term development strategies.
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