GM-AvtoVAZ has obtained the necessary funds to proceed with production of the delayed Chevrolet Niva.

The cash to build new additions at the Togliatti assembly facility comes courtesy a loan from Russia's largest state-owned bank, Sberbank, WardsAuto is reporting. The project plans for a car-body assembly facility and a new engineering and logistics center.

The U.S/Russian joint venture is developing a production timeline of up to five years according AvtoVAZ President Nicolas Maure. The project is expected to contain high levels of localized content from domestic part suppliers.

Initial investment is estimated at $250 million, but governor of Russia's Samara region, Nikolay Merkushkin says a successful launch could allow spending increases of up to $1.5 billion per annum.

The new Niva concept debuted to much fanfare during the 2014 Moscow Auto Show, but Russia's blossoming financial crisis, exacerbated by Western sanctions, forced the JV to postpone the project as the Russian Ruble plummeted in value.