Press release

31 October 2000

EBRD statement on GAZ

The European Bank for Reconstruction and Development (EBRD) advanced an eight-year, US$ 65 million loan to the Russian automaker GAZ in 1996.

The EBRD has been working with GAZ’s management to ensure the value of the company as a going concern. This includes how best to restructure the EBRD’s debt in the context of our long-term involvement with GAZ. The Bank has no intention of selling its debt.