Vnesheconombank, Kaluga Region Government and Kaluga Region Development Corporation Enter into Agreement

Today on June 10, State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the Kaluga Region Government and the Kaluga Region Development Corporation entered into an Agreement of Intent on Vnesheconombank’s participation in the charter capital of the Kaluga Region Development Corporation to finance industrial parks infrastructure development project.

The Agreement was signed by Vnesheconombank Deputy Chairman Anatoly Ballo, Kaluga Region Governor Anatoly Artamonov and Kaluga Region Development Corporation Board Director Maxim Akimov.

Under the Agreement Vnesheconombank’s participation share in the Corporation’s charter capital can amount to 25% of the Corporation’s charter capital. The Bank’s participation in the Corporation’s charter capital is needed to allow Vnesheconombank to exercise corporate control over the Corporation’s activity in the process of implementing the project “Industrial Parks Infrastructure Development: Forming a Cluster for Manufacturing Automobiles and Auto Components”.

This Agreement was made to build on the Agreement on Cooperation signed earlier between Vnesheconombank and the Kaluga Region Government.

The total value of the project “Industrial Parks Infrastructure Development in the Kaluga Region: Forming a Cluster for Manufacturing Automobiles and Auto Components” amounts to more than 6.6 billion rubles with the financing period of 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. At the current stage of cooperation, Vnesheconombank is considering the possibility of allocating funds in the total amount of up to 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: press@veb.ru

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