REC Group Support for Kamaz Export Projects to Exceed 20 Billion Rubles

Moscow (Sputnik) – As part of the high-tech products export support programme, JSC “EXIMBANK of Russia” with insurance coverage provided by the Export Insurance Agency of Russia (EXIAR) has been providing financial assistance for JSC “Kamaz” cars and vehicle deliveries to Azerbaijan, Kazakhstan, and Lithuania.

By the end of this year, the total amount of financial support provided by EXIAR to JSC for the entire period of cooperation will exceed 20 billion rubles, the Russian Export Centre reports.

“The first loan has already been disbursed under the new, already ninth loan contract with JSC Kamaz. REC funds export deliveries of Kamaz trucks to key regions. Thus, 70 percent of the company's total exports go to the CIS countries and 30% to other countries,” the report reads.

“Kamaz is one of the most efficient players in foreign markets, which actively works with support tools offered by REC. Export support for machine-building products is one of our priorities, as machine-building is a key integrator of industrial sector, capable for creation of multiplier effect on all branches of economy along the production chain and value added, from the design and engineering, from the raw materials and transportation system to sale of finished products, their subsequent operation and service,” said Azer Talibov, chairman of the board, Eximbank of Russia.

“We have a long-standing and solid relationship with the Kamaz group. We have been cooperating since 2011 when EXIAR was founded. It is very important for us to provide maximum comprehensive support for the export activities of the Kamaz group, which not only exports finished products, but being a global player, has projects on localisation of production in target foreign markets,” added Nikita Gusakov, senior vice-president of REC and CEO of EXIAR.

“We deeply appreciate our cooperation and our long-standing partnership with the companies of the REC Group. The support of REC, EXIAR and EXIMBANK has certainly enabled us to develop our export activities more and more efficiently over the years. The support we receive ensures that our needs are met at all export stages, including the creation of new export-oriented products and entry into new markets, as well as the production cycle, delivery process and further service support. The key role played by the REC Group in the successful development of machine-building exports and Russian industrial export, in general, is self-evident,” commented Andrey Maksimov, deputy general director , financial director of JSC Kamaz.