OREANDA-NEWS. December 11, 2008. VTB Bank – one of the leaders of the Russian banking industry – fixed a credit limit of 7 billion roubles for KAMAZ.

The means of the limit can be chosen for financing of the current activity of the enterprise, for purchase of machinery and equipment, implementation of derivative and conversion operations and also financing with involvement of foreign export insurance agencies.

The automotive industry became one of the priority sphere fixed by the state for financing on the part of the Russian banks to come out of the recession which had embraced the whole economy of the world. The credits of the state banks are one of the most important crisis management measures developed by the RF Government in November 2008.

Under conditions of the tough global financial crisis it became almost impossible to obtain a credit in the western banks. It’s very important that in this situation the Russian state banks support the Russian automotive industry having left the amount of credit almost on the “pre-crisis” level. VTB is an old partner of KAMAZ with which the company has been working for a long time. Despite the fact that KAMAZ plans not to use the whole allocated credit limit immediately this limit helps the company to face the future with serenity especially if the crisis tendencies in the Russian economy are aggravated next year.

Also KAMAZ cooperates with other Russian state banks: Sberbank which credits KAMAZ to the sum of about 3.5 billion roubles and Gazprombank which grants the company a credit of 2 billion roubles.