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Vnesheconombank Signs Agreement with Kaluga Region Development Corporation

18 june 2008 года
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Today, on June 18, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’and OJSC Kaluga Region Development Corporation entered into a Credit Agreement worth 2.4 billion rubles.

The funds are to be made available for a period of 10 years against a guarantee granted by the Kaluga region Government to implement the first stage of the project “Development of Industrial Parks Infrastructure: Forming a Cluster for Manufacturing Automobiles and Auto Components”.

The implementation of this project would boost the Kaluga region’s socio-economic development, help raise innovation technologies, enhance the region’s investment appeal, create 15 thousand additional jobs, increase incomes of the region and the city and also increase dramatically the region’s Gross Regional Product.

The total value of the project is more than 6.6 billion rubles and its financing period is 10 years. Production facilities of such strategic investors as Volkswagen, Volvo Track, Peugeot-Citroen and Mitsubishi as well as industrial sites of auto components manufacturers will be located on the territory of industrial parks. The project is to be carried out within Public Private Partnership scheme. One ruble in state investment invested in the infrastructure of parks is expected to raise 15 rubles in private investment.

In accordance with the Supervisory Board’s decision, Vnesheconombank is considering the possibility of participating in the Kaluga Region Development Corporation’s capital in order to take part in implementing the project.

At the current stage of cooperation, Vnesheconombank plans to allocate funds in the total amount of 5 billion rubles for implementing the project.

 

 

Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 608-46-93, Fax: +7 (495) 975-21-34
E-mail: mailto:presss@veb.ru


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