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.
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