Vnesheconombank and Eurasian Resources Group (ERG) signed a memorandum to lay down principles underpinning strategic cooperation in the financing of investment programmes and other activities of ERG in Kazakhstan in connection with the deliveries of Russian industrial products. The event took place in Astana as part of the negotiations involving VEB, VEB-Leasing, and ERG. The document was signed by Daniil Algulyan, Vnesheconombank’s Senior Vice President and Head of International Business, Export and Financial Institutions, and Ilmir Masgutov, Director General of ERG Commercial Centre LLP.
The parties have agreed on Vnesheconombank’s loan support for the purchases of equipment required for ERG’s projects. In particular, Vnesheconombank will consider financing deliveries of high-technology industrial products, as well as the performance of associated works and services. In September 2017, Vnesheconombank began financing a project on the delivery of 2,600 freight cars to Kazakhstan for their subsequent financial lease to ERG companies.
Daniil Algulyan said that cooperation between VEB and ERG was opening new vistas for Russian manufacturers of industrial equipment and railway machinery in terms of promoting their products in the Kazakhstan market.
Eurasian Resources Group (ERG) is one of the global leaders and most diversified companies engaged in extraction and refining of natural resources with fully integrated mining, processing, energy, transport and marketing operations. Represented by enterprises and business development projects in fourteen countries across the globe, the Group is one of the biggest employers in the industry. In 2014, ERG marked its 20th anniversary. The headquarters of the management company are located in Luxembourg.
ERG accounts for one third of Kazakhstan’s mining and metallurgy sector. It is also one of the key power providers and a major rail operator in Central Asia. Kazakhstan is home to the Group’s major enterprises: TNC Kazchrome JSC, SSGPO JSC, Aluminium of Kazakhstan JSC, Kazakhstan Aluminium Smelter JSC, Eurasian Energy Corporation JSC, Shubarkol Komir JSC and Transportation Group TransCom LLP ERG enterprises in Kazakhstan give job to more than 61 thousand people.