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Press-center

06.08.2021
11:25

EXIMBANK OF RUSSIA financed the supply of rail cars to Mongolia

As part of the program to support the export of hi-tech products, EXIMBANK OF RUSSIA JSC supports the supply of rail cars to Mongolia. The first disbursements under the loan agreement with Mongolian Trade & Development Bank LLC (TDBM) have already been made. By the end of the year, rail cars worth 900 million rubles will be delivered to the country. The deal is being implemented against the insurance coverage provided by EXIAR JSC.

EXIMBANK OF RUSSIA JSC, which is a member of the REC Group, signed the agreement with the Mongolian TDBM bank to finance supplies of rail cars under the export contract concluded by the Russian Altaivagon JSC and the Mongolian Institute of Railway Drawings and Projects LLC. The agreements made it possible to organize financing of supplies of new 12-2153-01 railway cars to Mongolia by the end of this year for a total amount of 900 million rubles.

“We have a long and strong relationship with Trade & Development Bank of Mongolia LLC. To date, several joint projects have already been implemented. TDBM has established itself as a very reliable partner, and we jointly have the opportunity to offer our clients additional financing solutions to supply their products to Mongolia. We are very pleased with the next successful joint project, which allows the domestic railway engineering products to successfully gain a foothold in the international arena,” Azer Talibov, Chairman of the Management Board of EXIMBANK OF RUSSIA JSC.

“We are glad to have completed this project with EXIMBANK OF RUSSIA JSC, which is one of our most long-standing partners in Russia. This deal is essential for the development of the transport sector in Mongolia and the economic development of the country as a whole since Mongolia is a landlocked country. We believe that these railway cars will become one of the locomotives for the development of our country's exports. TDBM together with EXIMBANK OF RUSSIA JSC will continue to provide support to its clients involved in trade with Russian exporters. Taking this opportunity, we would like to express our gratitude to our colleagues from EXIMBANK OF RUSSIA JSC for their hard work and constant support,” Erdenebileg Doljen, Chairman of the Board of TDBM.

Varenov, the representative of Altaivagon JSC, said that this contract is one of the components of the strategic plan for the development and expansion of the company’s presence in foreign markets, in particular in Mongolia. He added that in-house hi-tech production in combination with the design bureau allows the plant to find solutions to all the problems of foreign customers.

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Altaivagon JSC is one of the largest Russian factories for the production of railway freight rolling stock. The company offers a model range of more than 25 types of freight cars. The company has successful experience of working with domestic and foreign partners from the CIS countries, the Middle and Far East, Asia, and other countries.

EXIMBANK OF RUSSIA JSC and EXIAR JSC are part of the Russian Export Center Group, which, in turn, is part of VEB.RF. The REC Group and VEB.RF are actively involved in achieving the goals of the “International cooperation and export” national project, which is to achieve a 70 percent increase in of non-resource non-energy exports in monetary terms by 2030.