A subsidiary bank of the Rostec State Corporation continues to systematically support the development of the domestic automotive industry. On the sidelines of Russia's largest industrial exhibition INNOPROM-2024, NOVIKOM signed an agreement with AVTOVAZ JSC. The agreements are aimed at organizing financing for the auto giant's suppliers.
The document was signed by Deputy Chairman of the Board of NOVIKOM Bank Alexey Kuznetsov and Executive Vice President for Finance at AVTOVAZ Evgeny Chukanov.
Supporting the chain of cooperation between industrial enterprises in general and the automotive industry in particular is one of the priority areas of NOVICOM’s activities. The agreement concluded with AVTOVAZ will allow the bank to increase its work with suppliers of the largest passenger car manufacturer in Russia. In accordance with the document, NOVIKOM will provide financing both in the form of loans and bank guarantees. The organization will also provide partners with access to preferential government support instruments.
NOVIKOM’s effective work with suppliers of auto components and the automaker itself is developing in several directions. The bank cooperates with AVTOVAZ within the framework of the cluster investment platform — a joint project of the Ministry of Industry and Trade of Russia, the Industrial Development Fund and the VEB.RF Development Corporation. In particular, the bank finances the development and launch into mass production of the LADA Iskra car, the world premiere of which took place at SPIEF this year.
“Financing all participants in the domestic automotive industry is a strategically important task for us . We actively support the work of systemically important enterprises and their chains of cooperation to increase the production of innovative and competitive products. I am confident that thanks to NOVIKOM’s competencies, partners will successfully implement the tasks they face on a national scale,” said Deputy Chairman of the Board of NOVIKOM Bank Alexey Kuznetsov
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