OREANDA-NEWS. May 5, 2009. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Kaluga Region Development Corporation entered into a Credit Agreement worth 2.4 billion rubles for a period of 10 years.

Funds are to be made available against the Kaluga region Government’s state guarantee to implement the second stage of the project “Development of Industrial Parks Infrastructure: Forming a Cluster to Manufacture Automobiles and Auto Components”. The second stage of the project aims to complete work on equipping project facilities of strategic investors and organize project facilities of auto components manufacturers

The project aims to do engineering preparation for industrial facilities in industrial parks Rosva and Kaluga-Yug and techno park Grabtsevo for deploying production facilities of strategic investors Volkswagen Rus, Volvo Truck, Peugeot-Citroen Mitsubishi Automobiles. The project is being implemented by an authorized company of the Kaluga region Government - the Kaluga Region Development Corporation.

The project’s total value is 6.8 billion rubles, 1.9 billion rubles are budgetary funds of the Kaluga region and the city of Kaluga and 4.9 billion rubles are funds being made available by Vnesheconombank.

Within the framework of the implementation of the project’s first stage (engineering preparation of strategic investors’ industrial facilities), in June 2008, Vnesheconombank provided the Corporation with credit resources worth 2.4 billion rubles for a period of 10 years against the Kaluga region’s state guarantee. At the moment, the implementation of the project’s first stage is almost completed, 475 hectares of industrial areas have been prepared, 2710 new jobs have been created. The Volvo Truck factory was commissioned in January 2009.

The implementation of this project would contribute to the region’s comprehensive socio-economic development and make it possible to raise up to 15 rubles of private investments per 1 ruble of state investments, increase budgetary tax revenues of all levels to 80 billion rubles and create more than 14 thousand new jobs.