Striving to enhance cooperation with the national car industry, VTB Bank extended a RUB 1 billion loan to JSC KAMAZ.
This February, one of the largest Russian truck manufacturers has been provided with two one-year loans totaling RUB 500 million each. The funds received will be channeled into replenishing the company's working capital.
Lending to KAMAZ Group has been provided under a RUB 7 billion documentary credit limit set by VTB in November 2008.
Today, VTB has been servicing nearly 10 companies of KAMAZ Group. Two of them are active borrowers of the Bank employing credit resources to finance their current activity and purchase equipment. In total, within the former credit limit, the Bank's turnover with KAMAZ Group members has exceeded USD 1.3 billion since 2003. Among other things, VTB has granted loans to JSC KAMAZ and Group-related distributors and financed purchasing of equipment for a new project to develop extra load truck line KAMAZ-6520.
VTB's target is to further enhance financial support to the real economy. The total documentary credit limit set for the engineering enterprises, regarded by the Bank as a priority business line, currently exceeds USD 3.53 billion.