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Eurasian Development Bank provides $144 mln to Russia’s Kamaz

Deputy General Director Andrey Maksimov expressed hope that partnership with the EDB would continue

MOSCOW, November 19. /TASS/. The Eurasian Development Bank (EDB) has provided over 9.5 bln rubles ($144 mln) to Russia’s truck maker Kamaz, particularly for its investment program’s implementation, the bank said in a statement on Monday.

"In this transaction, the EDB used equity and bond instruments to help Kamaz develop an optimal funding structure," the statement said.

"We hope to continue our strategic partnership with the EDB, including as regards export financing," the company’s Deputy General Director Andrey Maksimov was quoted as saying.

A source familiar with the terms of the transaction told TASS that the Eurasian Development Bank received 3.72% of Kamaz shares (worth of 1.52 bln rubles, or $23 mln, according to the Moscow Exchange price assessment as of November 15) that were previously owned by the carmaker’s subsidiary Finance and Leasing Company Kamaz. It also acquired part of the plant’s bonds.

Kamaz Group, the largest automobile corporation in Russia, produces trucks, trailers, buses, tractors, engines, power units, and different tools. Its main shareholders are the state-owned Rostec corporation (47.1%), Avtoinvest (23.54%), and German auto concern Daimler (15%).