Eurasian Development Bank to lend RUB 12bn to KAMAZ for building up new production in Kazakhstan

AK&M 20 February 2021 13:39

Sergey Kogogin, Director General of PJSC KAMAZ, and Nikolay Podguzov, Chairman of the Management Board of the Eurasian Development Bank (EDB), have signed preliminary indicative terms for financing the model range development program and modernization of production facilities of Russia's leading truck producer, the press service of KAMAZ informed.

Under the document, the bank will provide a 5-year credit facility amounting to RUB 12 billion expected to be used, among other things, for building up production of main driving axle gears and a foundry in the industrial zone of Kostanay (Republic of Kazakhstan).

KAMAZ Group (tax number: 1650032058) includes 13 principal subsidiaries engaged with the development, production and assembly of automotive vehicles and vehicle sets and sales of finished products. In total, KAMAZ Group consists of 110 enterprises including joint ventures in the CIS countries and foreign assembly facilities. KAMAZ's major shareholders are Rostec, Avtoinvest Limited, Daimler, KAMAZ International Management, EBRD, Decodelement Services Limited.

Eurasian Development Bank (EDB) is an international financial organization promoting integration and development of its member states Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. The bank's authorized capital is $7 bn. The bank established by Russia and Kazakhstan in January 2006 is headquartered in Almaty. The backbone of EDB's portfolio is formed by projects with a high integration effect in the segments of transport infrastructure, energy, chemical and mining industries, and mechanical engineering.