The Eurasian Development Bank (EDB) is set to provide a five-year loan facility for a total of RUB12bn (€135mn) to set up production of axle drives and a foundry in an industrial zone in Kazakhstan’s Kostanay as part of financing for Russia’s KAMAZ vehicle producer, the EDB said.
The foundry will manufacture axle casings, cylinder blocks, and cylinder heads for KAMAZ’s new K5 generation trucks. All products are set to be delivered to KAMAZ’s main assembly facilities in Naberezhnye Chelny, Russia.
“KAMAZ is setting up a plant in Kazakhstan and its products will be used at the automobile giant’s main production facilities in Russia. We have all the necessary expertise and experience in both Kazakhstan and Russia. We are therefore ready to support our partners at all stages of project implementation, including technical assistance,” said Nikolai Podguzov, chairman of the management board of the EDB.
The EDB is an international financial institution led by Russia and Kazakhstan with a focus on promoting integration and development in its member countries — Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. The EDB's charter capital totals $7bn.
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