MOSCOW, 29 November (BelTA) – The Eurasian Development Bank (EDB) and the Belarusian automobile engineering company BelAZ signed a €50m loan agreement on the sidelines of the 14th international conference on Eurasian economic integration in Moscow on 29 November, BelTA has learned.
The money will be used both to finance the working capital and also for investment purposes, company's Director General Piotr Parkhomchik told the media. BelAZ will earmark 60% of the loan to execute the contract to deliver haul trucks to India. Next year the company is to send 77 trucks to that market, he said.
Headquartered in Zhodino, Minsk Oblast, the public joint-stock company (OAO) BelAZ is the managing company of the holding company BelAZ. BelAZ is the world's leading manufacturer of haul trucks with a large carrying capacity and an extremely large carrying capacity. BelAZ occupies about 30% of the world's market of haul trucks with an extremely large carrying capacity. BelAZ products are exported to more than 80 countries. The company also makes the world's largest truck with the carrying capacity of 450 tonnes.
The Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The member states of the bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.