The EDB is interested in financing Tulazheldormash’s development

07 June 2019

St. Petersburg, 6 June 2019. Andrey Krainiy, Deputy Chairman of the Management Board and State Secretary at the Eurasian Development Bank (EDB), and Marat Nabiullin, General Director of Tulazheldormash, signed a cooperation agreement in the sidelines of the St. Petersburg International Economic Forum. Alexey Dyumin, Governor of Tula Region, and Andrey Beliyaninov, Chairman of the Management Board at the EDB, also attended the signature ceremony.

In the agreement, the parties expressed their interest in cooperation relating to the financing of Tulazheldormash’s operations and development.

Tulazheldormash expects that investments in its development may reach RUB 2.6 billion. The funds will be used to establish and upgrade manufacturing facilities in Tula Region, with at least 120 high-skilled jobs to be created by 2021.

When signing the agreement the parties factored in Russia’s potential demand for innovative track machinery designed and manufactured by Tulazheldormash, worth up to RUB 51.9 billion until 2025. The products can also be exported abroad. Recently, Tulazheldormash signed a contract for the supply of track machinery to India.

Additional Information:

The 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. The 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.

The EDB Media Centre:

Alexander Savelyev +7 (985) 765 23 59 (Moscow)                    

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

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

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