You're reading: Belarusian Deputy PM: MAZ modernization estimated at $500 million

MINSK – Around $500 million is expected to be invested to modernize Minsk Automobile Plant (MAZ), Belarusian Deputy Prime Minister Vladimir Semashko said at a plenary meeting at A Belarusian Industrial Forum in Minsk.

“MAZ fell behind in development, there are problems and production has fallen as a result. We need to put some serious money in; to produce new cabins, drivetrains and axles. There are investment programs totaling $500 million; we are currently resolving problems regarding sources of funding. We will develop the plant,” the deputy prime minister said.

Later, responding to reporters’ questions on sources of funding for the MAZ investment program, Semashko said: “Through Chinese loans.”

MAZ was founded in 1944. The plant’s main products are currently heavy goods vehicles with various modifications, tractors, trailers and passenger busses.