Vnesheconombank finances agricultural equipment exports to Mongolia www.veb.ru
Vnesheconombank has provided financing for a project to supply Russian manufactured agricultural machinery to Mongolia within a USD10m facility granted to Development Bank of Mongolia.
The export project brings together seven Russian agri-machinery manufacturers: Combine Plant Rostselmash LLC, JSC Clever, JSC Buzuluk Heavy Engineering Plant, Voronezhselmash LLC, Kazanselmash LLC, Basis LLC, Omskagroservis LLC.
According to Nikolay Tsekhomsky, Vnesheconombank First Deputy Chairman - Member of the Board, the deal marks the continuation of successful cooperation between Vnesheconombank and Development Bank of Mongolia, paving the way for Russian exporters to Mongolian market and for Mongolian partners - to Russian equipment supplies on favourable terms using export credit funding.
Vnesheconombank and Development Bank of Mongolia are now considering the possibility of joint implementation of other high-potential Russian export projects in Mongolia.
Development Bank of Mongolia was founded in 2011 by Order of the Mongolian Government. The bank’s sole shareholder is the Mongolian Government. The activity of the bank is governed by the Development Bank Act. The bank specializes in financing projects with positive commercial and social impact. The bank’s consolidated assets as at 30.06.2017 amounted to USD129.3m, with equity capital of USD431m and 2Q2017 income of USD43.4m.