OREANDA-NEWS. February 06, 2012. Russia's Prime Minister Vladimir Putin and President of the ICT Group of Companies Alexander Nesis launched production at the Tikhvin Freight Car Building Plant, reported the press-centre of KASE.

This plant has been constructed by the ICT Group of Companies with the participation of the Eurasian Development Bank (EDB) and Russia's Vnesheconombank. In 2008-2010 the EDB and Vnesheconombank provided USD 660m (USD 330m each) for eight years to construct the plant and purchase equipment.

"This innovative project to launch serial production of new-generation freight cars will promote the advancement of the CIS' transport sector and help improve the efficiency of rail traffic in the region," Igor Finogenov, Chairman of the EDB Executive Board, said. "By strengthening the common transport space of the CIS countries and increasing Russian exports to the region, the project will deepen economic integration between Russia and the EurAsEC and CIS countries."