Today, on June 16, KAMAZ PTC and VTB Bank signed an agreement on strategic cooperation at the St. Petersburg International Economic Forum.
The document was signed by General Director of PTC KAMAZ Sergey Kogogin and President and Chairman of the Management Board of VTB Andrey Kostin. In accordance with the agreement, VTB Bank will participate in lending to civil production programs of the holding's enterprises, financing its current and investment projects. The perimeter of the agreement also includes promising projects of KAMAZ PTC, including those providing for localization of production of new truck models based on K5 and further production of electric buses.
“VTB is a long-term partner of KAMAZ. The company has been cooperating with us for twenty years. We have overcome more than one crisis together. Financial support from VTB was one of those things which enabled us to implement ambitious investment projects, modernize production and bring innovative products to the market. The signing of the strategic cooperation agreement will allow KAMAZ not to rest on its laurels and continue implementing its plans, including such important areas as localization of the new K5 model range and production of electric buses,” said Sergey Kogogin, Director General of KAMAZ PTC.
“To support backbone enterprises is the most important element of the country’s economic stability. Under new conditions, VTB Bank remains a reliable partner of KAMAZ Group providing it with soft-term working capital financing. After the main foreign truck manufacturers had left the Russian market, KAMAZ PTC got additional opportunities to develop its production. VTB Bank is ready to provide KAMAZ PTC with financial resources and services, including those in the field of purchasing components for promising models,” said Andrey Kostin, President and Chairman of the Management Board of VTB.