In September 2017, Vnesheconombank began financing a project on the delivery of 2,600 freight cars to Kazakhstan for their subsequent financial lease to Eurasian Resources Group (ERG) companies. Now, Vnesheconombank and Eurasian Resources Group (ERG) have signed a memorandum in Astana to lay down the principles underpinning the strategic cooperation in the financing of investment programmes and other activities of ERG in Kazakhstan in connection with the deliveries of Russian industrial products. The event was part of the negotiations involving VEB, VEB-Leasing, and ERG.
The parties have agreed on Vnesheconombank’s loan support for the purchases of equipment required for ERG’s projects. In particular, Vnesheconombank will consider financing deliveries of high-technology industrial products, as well as the performance of associated works and services.
The cooperation between VEB and ERG opens new vistas for Russian manufacturers of industrial equipment and railway machinery in terms of promoting their products in the Kazakhstan market, Daniil Algulyan, Vnesheconombank’s Senior Vice President and Head of International Business, Export and Financial Institutions, said.
Eurasian Resources Group (ERG) is engaged in extraction and refining of natural resources with fully integrated mining, processing, energy, transport and marketing operations. Represented by enterprises and business development projects in fourteen countries across the globe, ERG accounts for one third of Kazakhstan’s mining and metallurgy sector and is also one of the key power providers and a major rail operator in Central Asia.
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