18:41 EDB negotiates alterations and amendments to the terms and conditions of the third tranche of the EFSD financial credit to Armenia
16:19 EDB: IFRS financial statements for 2016 show a significant increase in net income
17:41 KASE admits EDB to trade in securities and derivatives
EDB to refinance State Transport Leasing Company’s expenses for the construction of river-sea oil tankers
Moscow, 28 December 2016. Eurasian Development Bank and State Transport Leasing Company (GTLK) made a loan agreement to refinance GTLK’s expenses for the construction of three river-sea oil tankers (RST54) at Russia’s Oka Shipyard. The agreement was signed by Konstantin Limitovsky, Deputy Chairman of the Management Board at EDB, and Anton Borisevich, First Deputy General Director of GTLK. The loan totalling US $29.4 million will be provided for 6.5 years.
EDB approved the re-financing programme for the construction of five vessels, including three RST54 oil tankers and two RST27 vessels for a total of US $50.4 million. New tankers were built in accordance with the requirements of the International Convention for the Prevention of Pollution from Ships (MARPOL 73/78).
When constructed, the tankers were provided into financial lease to BF Tanker to transport fuel oil and other oil products in Russian watercourses. The project is therefore expected to promote the development of transport infrastructure and the renewal of the Russian river fleet.
EDB experts estimate that the use of these vessels will help to increase Russian exports. The additional output in related sectors during the construction and operation period is expected to total US $111.65 million.
Over eight years of the project in Russia, the total gross output will approximate US $202 million, or US $25 million a year. In addition, dozens of jobs will be created to operate the tankers.
Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. EDB’s charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
State Transport Leasing Company (GTLK) leases out aircraft, vessels, rail transport, road vehicles and special machinery to domestic transport enterprises and invests in the development of Russia’s transport infrastructure. The company’s sole shareholder is the Russian Federation represented by the Ministry of Transport. According to the RAEX rating agency, in the first six months of 2016 GTLK led the sector in terms of the value of new lease agreements. As at 30 June 2016, GTLK’s IFRS assets approximated RUB 180 billion. The company has one of the highest capital adequacy ratios in the sector. GTLK has been rated BB- by S&P Global Ratings and Fitch Ratings, and Ba2 by Moody’s Investors Service.
Read more at http://www.gtlk.ru/
EDB Media Centre:
+7 (727) 244 05 45, ext. 6147 (Almaty)
+7 (495) 645 04 45, ext. 2724 (Moscow)
28 December, 2016