EDB to finance an upgrade of transformer production in Minsk
Minsk, 18 August 2014. Eurasian Development Bank (EDB) will provide US $15 million to the Minsk Electrotechnical Plant named after Vasily Kozlov (METZ). The respective loan agreement on the financing of a project to upgrade transformer production was signed today in Minsk by Gennady Zhuzhlev, Deputy Chairman of the Management Board at EDB, and Alexander Radevich, General Director of METZ.
The loan will be used to re-equip manufacturing facilities with state-of-the-art high-tech equipment. The total project value is US $55 million. The loan agreement was made for seven years.
“The project will help increase productivity by improving automation at the plant and this, in turn, is expected to improve the quality of products and enhance sales markets,” says Gennady Zhuzhlev. “The project will contribute to the increase in mutual trade between Belarus and Russia, where the plant supplies over 70% of its products. It also purchases about 40% of raw and other materials and components from Russian vendors. In addition, the project will help to modernise and create an extra 100 jobs.”
In accordance with the Bank’s Development Strategy for
The main products of the plant are line transformers, low-power transformers, transformer substations, and low-voltage electric equipment.
Additional Information
Eurasian Development Bank 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 exceeds US $1.5 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. Read more at https://www.eabr.org.
The Minsk Electrotechnical Plant named after Vasily Kozlov is the leading organisation of a state-run production association and a major multidisciplinary producer of electric equipment. The plant manufactures a wide range of low- and high-power line, multipurpose and instrument transformers, transformer substations and other electric equipment. In 2013 it produced about 230,000 of various types of transformers. The plant’s products conform to ISO:9001, ISO:14001, ISO:18001 and ISO:17025 standards, which confirms their reliability and environmental safety. Read more at https://metz.by/