VEB.RF to Finance Exports of KAMAZ Automotive and Specialised Vehicles to Republic of Uzbekistan
As part of VEB.RF’s business mission to Uzbekistan, VEB.RF and Kamaz Asia Leasing signed a loan agreement to finance the acquisition of KAMAZ automotive and specialised vehicles in the Republic of Uzbekistan.
The signing ceremony took place in the presence of VEB.RF’s Chairman Igor Shuvalov and KAMAZ’s General Director Sergei Kogogin. The document was signed on behalf of VEB.RF by its Deputy Chairman Daniil Algulyan and on behalf of Kamaz Asia Leasing by its General Director Feruz Ibragimov.
The loan agreement stipulates providing by VEB.RF a euro 12.5 million credit facility to finance the purchase of about 250 units of KAMAZ automotive and specialised vehicles assembled from Russian-made parts and components using the production facilities of UzAutoTRAILER. The vehicles will be leased by Uzbek companies.
“The Republic of Uzbekistan is currently a key partner in the Central Asia for Russian exporters of industrial products and non-commodities. VEB.RF is currently co-financing nine projects under way in the Republic of Uzbekistan for a total of 23 billion roubles. We are planning to involve in another ten projects for a total of up to 365 billion roubles,” Igor Shuvalov said.
“KAMAZ and the Republic of Uzbekistan have developed strong business relationship. We hope that implementation of new projects will help to boost our effective partnership and provide new opportunities for both parties,” Sergei Kogogin said.
First Stage of Major Sea Coal Terminal Project in Khabarovsk Territory Co-financed by VEB.RF and VTB is Completed
The first stage of coal terminal construction at the seaport of Vanino (Muchka Bay) in the Khabarovsk Territory has been completed. An official ceremony took place on 11 September to mark the opening of the coal transshipment facility with a capacity of 12 million tonnes.
The implementation of such large-scale investment project is largely attributable to VEB.RF's administrative and financial support under the Project Financing Factory programme. VTB is the major lender and arranger.
“VEB.RF’s commitment exceeds a third of the loan funds provided under the syndicated loan agreement. Investment into state-of-the-art port infrastructure is one of our key priorities. The joint financing provided by us and our partner, VTB Bank, under the Project Financing Factory programme is 34 billion roubles,” VEB.RF’s First Deputy Chairman and Member of the Board Nikolay Tsekhomsky said.
“Financing Russia’s infrastructure projects is one of VTB’s key business lines. We have considerable expertise in this area and are actively involved in major large-scale projects designed to enhance transport accessibility in Russian regions and develop Russia’s economy. The Vanino port is the first VTB’s project in the area of port infrastructure co-implemented with VEB.RF under the Project Financing Factory programme. We have plans to further participate in such projects as a financial partner,” First Deputy President and Chairman of the Management Board of VTB Bank Yuri Soloviev said.
The launch of the terminal is important not only for conveying Yakut coal mined and processed by Kolmar LLC, but also for addressing government-set goals of tackling the port capacity shortage of the Far Eastern Basin and expanding exports of Russian coal to the Asia-Pacific Region.
Being part of a large-scale investment project, the coal transshipment facility includes a marine terminal, a railway station, and infrastructure facilities including community facilities
It was also announced last week about the launch of a coal mine and a mining plant as part of an industry cluster to mine and process coking coal in the South Yakutia advanced development zone. The project was supported by the Far East Development Fund (VEB.RF Group). FEDF's four billion roubles worth of investment at the project’s initial stage provided considerable impetus for coal mining development in South Yakutia and helped the project initiator to raise additional bank financing.