Russia's largest automaker AvtoVAZ and the national bank Vneshtorgbank have signed two credit agreements worth EUR15.083m and EUR6.6m, according to Vneshtorgbank PR department. The credits are intended for AvtoVAZ purchasing industrial equipment from Switzerland and Austria. The equipment will be bought by using credits of UBS AG (Switzerland) and Raiffeizen Zentralbank Osterreich AG (Austria). The deal will be backed by Swiss and Austrian export insurance companies.
In August 2003, Vneshtorgbank signed corresponding interbank credit agreements with UBS and Raiffeizen Zentralbank Osterreich envisaging the financing of import contracts of AvtoVAZ within the next 6 years.