A US$ 56m assembly plant is set to be constructed in Senegal by a Russian truck manufacturer-Kamaz; this is according to Chief Executive Officer Sergei Kogogin.
Currently Senegal’s government is at the final round of talks with the Russian Agency for Export Credit and Investment Insurance (EXIAR) on state guarantee for deals planned by truck manufacturer, which exceed US$ 56m at the first stage.
According to Kogogin, the cooperation complies with top-level agreements. The Russian Export Center, or REC, plays an important role in the cooperation as it provides insurance of all transactions, adding that the government of Senegal has to extend a guarantee under a commercial loan of Russian banks for financing the deal under EXIAR’s guarantee.
The government of Senegal has provided a building in an industrial park to Kamaz. Moreover, Kogogin said the company had made a contract on supplies of 400 cars with Senegal.
Kamaz is the largest automobile corporation in Russia.
The company produces trucks, trailers, buses, tractors, engines, power units, and different tools. The group of the process chain includes 11 large automobile plants.
Kamaz is 16th among the leading global producers of heavy tracks and 8th in terms of diesel engines output volume. The largest shareholding belongs to the state through state-owned Rostec (49.9%).
Among other shareholders are Cyprus-registered Avtoinvest Ltd (23.54%), German auto concern Daimler (15%), Finance and Leasing Company Kamaz (3.72%). Kamaz shares are traded on the Moscow Exchange.