EDB to provide over RUB 1 billion to the Tikhvin Freight Car Building Plant
Moscow, 4 July 2013. Eurasian Development Bank (EDB) and the Tikhvin Freight Car Building Plant signed today a loan agreement, under which the Bank will provide to the plant a loan of RUB 1.1 billion for the purchase of raw materials, supplies and components.
In June 2013 EDB Council at its regular session decided to increase the Bank’s share in financing the Tikhvin Freight Car Building Plant and provide additional loans to it.
The Tikhvin Freight Car Building Plant was built by the ICT Group of Companies with the participation of EDB and Vnesheconombank. In
After production was officially launched in early 2012 the plant began to manufacture cutting-edge engineering products for the transport sector and is expected to produce over 5,000 freight cars by the end of 2013.
The production of innovative freight cars at the Tikhvin plant contributes to the development of Russia’s transport sector and the improvement of the efficiency of rail transportation. The plant helps consolidate the single transport space in the CIS and increase Russian exports, thereby promoting Russia’s economic integration with the countries in the region.
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 about EDB at https://www.eabr.org