Vnesheconombank has purchased 25% of Kaluga Region Development Corporation’s shares.
02.07.2010 13:41Vnesheconombank has purchased 25% of Kaluga Region Development Corporation’s shares. State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank) and Kaluga Region Development Corporation (OJSC) signed an Agreement of Purchase and Sale of Kaluga Region Development Corporation’s shares. On behalf of Vnesheconombank the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of Kaluga Region Development Corporation – by its General Director Vladimir Popov. The Agreement provides for Vnesheconombank to purchase 25% of Kaluga Region Development Corporation’s shares. This Agreement is being implemented as part of financing the 2 stage of the project aimed at developing Kaluga Region’s industrial parks infrastructure to form the automotive cluster. As part of implementing the project’s 1st stage, Vnesheconombank and Kaluga Region Development Corporation entered into a Credit Agreement worth 2,389 billion rubles for a period of 10 years. At present, the project’s 1st stage is fully completed. Vnesheconombank is funding the 2nd stage through opening a credit line worth 3.219 billion rubles for a period of 10 years as well as through the Bank’s participation in Kaluga Region Development Corporation’s charter capital. At present, the Bank has already funded the work in the amount of 2.5 billion rubles using the credit line’s funds. In October 2009, CKD shop was commissioned at "Volkswagen Group Rus" Factory. A whole range of works to prepare an industrial facility of 195 hectares in area has been performed for "Peugeot-Citroen Mitsubishi Automobiles" in the "Rosva" industrial park. In April 2009, automobile production was launched at "Peugeot-Citroen Mitsubishi Automobiles". The automotive parts manufacturing facility in technnopartk Grabtsevo is soon to be fully equipped with engineering infrastructure. As a result of this project’s implementation over a period from 2008 to 2019 the total amount budgetary tax revenues of all levels would amount to 80 billion rubles, 14 thousand new jobs would be created and 15 rubles in private investments would be raised per one ruble in state investments in the project aimed at creating an automotive cluster. The total amount on foreign investors’ investments in the region’s economy was 27 billion rubles. The partnership of Development Corporation of Kaluga region and a reliable and reputable organization such as Vnesheconombank, is an additional incentive for investors at the conclusion of investment agreements, as it guarantees stable funding commitments of the Government of Kaluga region in front of them.