Vnesheconombank to Finance the Production of KAMAZ 4- and 6-Cylinder Engines
State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Open Joint Stock Company KAMAZ entered into a Credit Agreement. On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of KAMAZ (OJSC) – by its Director General Sergei Kogogin.
Under the Agreement Vnesheconombank is to provide KAMAZ (OJSC) with credit resources in the total amount of 1.7 billion rubles to implement the investment project aimed at setting up the production of 4- and 6-cylinder engines with a swept volume of 4 to 7 liters. The project’s total value is 3.5 billion rubles.
The project provides for setting up the production of Cummins diesel 140-300 horse power engines. To this end, Vnesheconombank is to finance KAMAZ’s purchase of equipment required to manufacture 40 thousand engines per year for KAMAZ automobiles. Under the project main engine parts are planned to be manufactured locally. Earlier they were supplied by subdivisions of the American Cummins Inc.
Cummins Kama Joint Venture (CJSC) is the project’s operator. It was founded by OJSC KAMAZ and Cummins Inc.
Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru
Vnesheconombank and UNCTAD to Cooperate in Developing Small and Medium-Sized Enterprises
State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the United Nations Conference on Trade and Development (UNCTAD) entered into a Memorandum on Cooperation under the EMPRETEC Programme aimed at developing business in the Russian Federation. The Memorandum was signed in Geneva (Switzerland).
On behalf of Vnesheconombank the Memorandum was signed by Management Board Member, Vnesheconombank Deputy Chairman Mikhail Kopeikin, on behalf of UNCTAD – by Deputy Secretary General Petko Draganov.
The Memorandum aims to establish cooperation in implementing the EMPRETEC Programme’s methodology in Russia, which is designed to provide support for small and medium-sized enterprises (SMEs) to develop their business at national and international levels.
The Memorandum provides for the UN UNCTAD Conference to render assistance in training businessmen working in the SME sector in line with the EMPRETEC’s methodology international quality standards by the best international instructors.
Vnesheconombank is to support the EMPRETEC Programme in so far as it relates to raising financing, selecting the Programme’s participants, coordinating interaction with government authorities and nongovernmental organizations.
The Memorandum’s implementation would help to raise businessmen’s educational level in Russia and promote international ties of small and medium-sized enterprises.
UNCTAD is a coordination center on development issues and related issues of trade, finance, technology, investment and sustainable development. The organization’s main objective is to help to integrate developing countries and countries with transitional economy into the world economy and promote their development through trade and investments. The UNCTAD Conference is a supreme policy-making body.
The EMPRETEC Programme coordinated by UNCTAD is designed to help enterprises from developing countries and countries with transitional economy to effectively enter the market. The Programme focuses on identifying promising businessmen and providing them with professional training, offering them consulting services on the issues of management and engaging partners including foreign companies. UNCTAD is also responsible for integrating the Programme in Russia into the EMPRETEC international network.
Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru