GM Uzbekistan distributors in Russia to get US$25m credit

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Economy 10/12/2008 GM Uzbekistan distributors in Russia to get US$25m credit

GM Uzbekistan distributors in Russia to get US$25m credit

Tashkent, Uzbekistan (UzDaily.com) -- Moscow-based Asia-Invest Bank, a subsidiary of National Bank for Foreign Economic Activity of Uzbekistan (NBU), plans to open a US$25 million credit line in 2009 to Russian distributors of the auto plant GM Uzbekistan, Uzavtoprom said.

The financing will be provided to distributors that are wholly owned by Uzavtoprom, the state-owned company said.

The credit line is intended to help distributors to weather the impact of the recent drop in car sales in Russia, Uzavtoprom said.

GM Uzbekistan’s sales in Russia fell 25% in October-November 2008, according to Uzbek media. About 15,000 cars were returned to Uzbekistan in September-November because they were not selling in Russia. Representatives of the plant and Uzavtoprom have refused to provide official comment on the matter.

GM Uzbekistan is a joint venture between US automaker General Motors (GM) and Uzavtoprom. GM holds 25% plus one share in the joint venture, while Uzavtoprom holds the remaining 75%.

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