YEREVAN (Interfax)–Armenia’s Ata Motors–the distributor for General Motors in the CIS–is organizing joint production of GM autos in Armenia.
Talks are in progress with the US Export-Import Bank for a $50 million loan–the Ministry of Industry told Interfax. Production would be set up at the Yerevan auto plant. The cars would be sold in Armenia at first and later exported to neighboring countries.
Roughly $350 million will be invested in the project–including $50 million in the first year. Ata Motors President Levon Hairapetian told Interfax that the country plans to assembly minibuses–ambulances–fire engines–and other special purpose vehicles. GM has given Ata Motors the right to organize the project–he said.