In Minsk, Vnesheconombank, Development Bank of the Republic of Belarus (DBRB), Belvnesheconombank (BelVEB, VEB Group) and Ulyanovsk Automobile Plant (UAZ) signed a cooperation agreement to promote deliveries of Russian motor vehicles to the Republic of Belarus.
For Vnesheconombank, the Agreement was signed by the Senior Vice President for Export Finance and Documentary OperationsDaniilAlgulyan, for DBRB – the First Deputy Chairman of the management Board Tatiana Sosnovskaya, for Belvnesheconombank – by the Deputy Chairman of the Management Board Oleg Korobyin, and for UAZ – by the Director for Exports Andrey Dorofeev.
The parties to the Agreement consider various methods to arrange financing and/or co-financing for deliveries of UAZ vehicles to the Republic of Belarus, in particular, credit and leasing facilities.
The Agreement is designed to encourage and promote bilateral trade and economic cooperation between Russia and Belarus and expand exports of the Russian carmaker.
To quote DaniilAlgulyan: “In recent years, the export potential of Russian manufacturers has significantly increased. Russian exporters tap into new product ranges and acquire experience of operating abroad. Decline in the ruble has also contributed to the competitive price advantage of domestic products. Our objective is to support Russian exporters and facilitate foreign market access for Russian goods”.
Vnesheconombank and PAO KAMAZ signed a memorandum of cooperation in implementing the export strategy (Naberezhnye Chelny, the Republic of Tatarstan).
The document was signed by VEB's Chairman Sergey Gorkov for Vnesheconombank and KAMAZ's CEO Sergey Kogogin for PAO KAMAZ. The ceremony was attended by President of the Republic of Tatarstan Rustam Minnikhanov.
The parties intend to develop cooperation in projects aimed to bring Russian cars to foreign markets and procure comprehensive support for the implementation of KAMAZ's export strategy.
In particular, Vnesheconombank and KAMAZ agreed to promote the company's products to foreign markets, primarily CIS countries, South-East Asia, Latin America and Africa.
The parties believe that the memorandum will help to secure and expand KAMAZ's supplies in foreign markets. Vnesheconombank will provide comprehensive solutions in project finance.
During his visit to the Republic of Tatarstan, Sergey Gorkov discussed development prospects with the management of the company. In 2015 and 2016, Vnesheconombank's Supervisory Board approved the RUB 20 bn acquisition of KAMAZ's bonds by the Bank (as the state trust management company for pension savings). The funds were directed towards the modernisation of the existing facilities to launch production of a new generation of cars (K5).
In the Republic of Tatarstan, Vnesheconombank participated in the implementation of 6 investment projects for a total of RUB 297 bn. The Bank has provided over RUB 172.7 bn to finance them. At the moment, Vnesheconombank is considering three projects for a total of RUB 115.8 bn.