Rostec seeks govt guarantees for 35 bln rubles in Kamaz loans
KAZAN/MOSCOW. Oct 2 (Interfax) - State corporation Rostec will propose that the government consider the possibility of giving Kamaz , Russia's biggest truck maker, state guarantees for loans totalling 35 billion rubles, Rostec materials reviewed by Interfax state.
Kamaz has invested about 8 billion rubles so far in setting up serial production of a new family of trucks and is planning further investment of 62 billion rubles, the materials state. The company is prepared to invest about 27 billion rubles of its own money.
"The remaining 35 billion rubles could be raised with long-term credit resources. The only source of long-term borrowing for a term of 10 to 15 years on the Russian market is loans or bonds secured by government guarantees," the document states.
Rostec believes that consultations indicate that ministries are prepared to support Kamaz's initiative to place bonds with government guarantees.
A source at the company confirmed to Interfax that the document exists, but Kamaz declined to comment officially.
