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  Thursday, July 18, 2019
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Russia's Vnesheconombank (VEB) has granted the Kaluga Region Development Corporation
Russia's Vnesheconombank (VEB) has granted the Kaluga Region Development Corporation a 10-year, 2.4 billion-ruble ($70 million) loan as part of an automotive industry development project, a bank source said.

The Kaluga Region industrial parks infrastructure development project is financed by the regional government and implemented on a private-public partnership basis. The Kaluga Region is located to the southwest of Moscow.

The first stage of the project, financed by VEB, saw the construction of industrial sites for strategic investors. The second stage will see the completion of work for strategic investors and the establishment of sites for the producers of car components.

The total cost of the project is 6.9 billion rubles ($200 million), with 1.9 billion rubles of this amount coming from the regional budget and 4.6 billion rubles from VEB loans.

 


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