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Russia to invest USD435m in automobile industry
(MENAFN) Russia said it would invest about USD425 million into fuelling its crisis-hit automobile industry as Volkswagen became the last manufacturer to cut operations in the country, The Peninsula Qatar reported.
Prime Minister announced the plan to boost the beleaguered sector that has seen sales plummet on the back of economic turmoil in Russia caused by falling oil prices and Western sanctions over Ukraine.
The funds will go towards cutting credit costs for cars and the purchase of new vehicles by government bodies, the Prime Minister was quoted as saying by Russian news agencies.
Prime Minister announced the plan to boost the beleaguered sector that has seen sales plummet on the back of economic turmoil in Russia caused by falling oil prices and Western sanctions over Ukraine.
The funds will go towards cutting credit costs for cars and the purchase of new vehicles by government bodies, the Prime Minister was quoted as saying by Russian news agencies.
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