The EDB guarantees deliveries of 77 BELAZ trucks to India

21 April 2021

Moscow, 21 April 2021. The Eurasian Development Bank (EDB) has signed a US $24.3 million guarantee agreement securing the obligations of BELAZ (the management company of BELAZ-HOLDING) under a contract to supply and maintain seventy-seven 150-tonne mining trucks to Coal India Limited, the largest coal mining corporation and a public sector enterprise in India. This is BELAZ’s first contract with an Indian company in the post-Soviet history.

The guarantees secure BELAZ’s commitment to ensure the performance of the delivered trucks for a period of eight years. Previously, the agreement was guaranteed by the European Bank for Reconstruction and Development.

“BELAZ is among the EDB’s key clients. It is a unique machine-building enterprise with significant cooperative participation from our member countries and a 30% share of the world market in such machinery. This is the second time we act as a guarantor. The Bank is glad to develop its relations with BELAZ and is currently considering the possibility of providing similar guarantees for another USD $55 million,” said Nikolai Podguzov, Chairman of the EDB Management Board.

Additional Information:

The Eurasian Development Bank (EDB) is an international financial institution promoting integration and development in its member countries – Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia, and Tajikistan. The EDB's charter capital totals US $7 billion. The Bank was established in January 2006 and is headquartered in Almaty. The EDB’s portfolio mainly consists of projects with an integration effect in the areas of transport infrastructure, digitalisation, green energy, agriculture, industry, and mechanical engineering.

The EDB Media Centre:

Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)

Sergey Gorbachev +7 (916) 727 22 00 (Moscow)

pressa@eabr.org

www.eabr.org

 

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2021