8 Jun 2011 10:00

Ford and Sollers' JV to sign memorandum with VEB on Weds for project financing

MOSCOW. June 8 (Interfax) - The planned joint venture of Ford and Sollers intend to sign a memorandum for project financing on Wednesday with Russian state bank Vnesheconombank (VEB).

Russian Prime Minister Vladimir Putin will hold a meeting on Wednesday with the heads of Russia's Union of Transporters during a session at the Moscow State University of Railway Engineering (MIIT).

"During Putin's visit to the university, an agreement will be signed for forming a joint venture between the companies Ford and OJSC Sollers, as well as a memorandum of intention for Vnesheconombank to finance this project," the Russian government said in a statement.

VEB might provide the JV a loan facility worth 39 billion rubles.