EBRD might provide up to 90 mln euro to Continental AG's Russian subsidiary
MOSCOW. June 21 (Interfax) - The European Bank for Reconstruction and Development (EBRD) might provide up to 90 billion euro in ruble equivalent to LLC Continental Kaluga, a subsidiary of Germany's Continental AG, for the construction, equipping and launch of a car tyre plant in the Kaluga region, the EBRD said in its materials.
Total costs for the project's implementation are estimated at 320 million euro.
The bank's board of directors will vote on the loan's allocation on July 24.
The new plant will be able to produce 4 million tyres a year.
It was reported in July 2011 that Continental plans to invest 6 million euro in the expansion of capacity at its automotive component plant in Kaluga.
Continental AG is one of the leading suppliers of components for the automotive sector. The company provides electronics systems, spare parts, tyres, and other rubber components.