VEB.RF and Eximbank of Russia Provide Financing for Supply of Municipal Vehicles to Tashkent

VEB.RF and Eximbank of Russia have provided the first tranche in the amount of around RUB677mn to finance the supply of Russian municipal vehicles.

The vehicles will be supplied to Uzavtodor (Uzbekistan Highways under the Committee for Motorways of the Republic of Uzbekistan), Tashkent’s Chief Land Improvement Department, and other municipally funded institutions of Uzbekistan.

Daniil Algulyan, Deputy Chairman and Member of the Management Board, VEB.RF:

“VEB.RF and Eximbank of Russia have provided financing in roubles for a pilot project in Uzbekistan. This is an important step to fulfil VEB.RF’s objective to use national currencies to fund export projects.”

Tatyana Sakharova, Deputy Chaiperson of the Board, Eximbank of Russia:

“We see good prospects for joint projects between VEB.RF and the National Bank of the Republic of Uzbekistan to finance the supply of high-technology equipment to Uzbekistan. We hope that our partnership will make it possible to expand Russian exports and to develop relations and trade between Russian and Uzbek companies.

In September 2020, VEB.RF’s management and the National Bank of the Republic of Uzbekistan for Foreign Economic Activity in principle agreed to finance the supply of Russian manufactured municipal vehicles and special equipment to Uzbekistan during the Russian business mission to Uzbekistan. In December 2020, VEB.RF and Eximbank of Russia entered into respective loan facilities with the National Bank of Uzbekistan.

The vehicles will be supplied by Russian manufacturers: KAMAZ, Merkator Kaluga, Kominvest-AKMT, and Kurgandormash. Most of the supplied vehicles are based on KAMAZ chassis and Russian manufactured auxiliary equipment.

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