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Press-center

16.08.2021
13:16

EXIMBANK OF RUSSIA provided funds to the Eurasian Development Bank to finance the supply of modern Russian passenger cars to Armenia.

EXIMBANK OF RUSSIA JSC, part of the REC Group, provided financing to the Eurasian Development Bank (EDB) to pay for the supply of modern passenger cars produced by the Tver Carriage Works to Armenia. The amount of financing exceeds 1 billion rubles. The deal was implemented against the insurance coverage of EXIAR JSC as part of the program to support the export of high-tech products.

“To date, EXIMBANK OF RUSSIA JSC has already carried out a number of joint deals with the Eurasian Development Bank, mainly for the supply of equipment to Kazakhstan. This project made it possible to open a new area of cooperation with the EDB, as a result of which EXIMBANK OF RUSSIA JSC closed the first deal to support the supply of Russian products to Armenia. The supply will be implemented through an interbank lending scheme. We are glad that our mutually beneficial cooperation with the Eurasian Development Bank allows us to deliver hi-tech products of the Russian railway engineering industry to foreign buyers,” Tatyana Sakharova, Deputy Chairman of the Management Board of EXIMBANK OF RUSSIA JSC.

“The Eurasian Development Bank is pleased to enter upon a new phase in cooperation with the REC Group and to finance the supply of engineering products from the Russian Federation to the Republic of Armenia using financing from EXIMBANK OF RUSSIA JSC. This mechanism made it possible to provide our borrower, South Caucasian Railway CJSC, with the most comfortable financing conditions,” Timur Abdullakhanov, Managing Director - Head of the EDB Transport and Infrastructure Directorate.

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Tver Carriage Works JSC is a modern hi-tech enterprise, the only one in Russia to create various types of passenger locomotive-hauled cars moving at a speed of up to 200 km/h. The plant specializes in the production of single- and double-deck passenger cars, cars for international traffic, various types of freight cars and special-purpose cars, bogies for rolling stock of mainline railways, as well as new generation electric trains. The company participates in the production of metro cars and low-floor trams. It is part of Transmashholding JSC.

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 designed to develop the export competitiveness of Russia for the next 10 years. The project’s benchmark is to achieve a 70 percent increase in non-resource non-energy exports in monetary terms by 2030.

The Eurasian Development Bank (EDB) is an international financial institution carrying out investment activities in Eurasia. For 15 years, the EDB has been promoting the strengthening and expansion of economic ties and the comprehensive development of the participating countries, i.e. Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. The authorized capital of the EDB is $ 7 billion. The main share in the EDB's portfolio is associated with integration projects in the field of transport infrastructure, digital systems, green energy, agriculture, industry, and mechanical engineering. In its activities, the Bank is guided by the UN Sustainable Development Goals and ESG principles.