KamAZ repays over $4.3m to EBRD

The KamAZ Joint-Stock Company has transferred $4.38m to the European Bank for Reconstruction and Development (EBRD) to repay the restructured debt. Of that sum, $2.5m were allocated to repay the principal, and the interest payments amounted to $1.88m, the PR Center of KamAZ reported.

This has been the third payment made by KamAZ in accordance with the schedule for the repayment of its debts to the EBRD, approved in May 2001. The total sum of the debt reached $162m, including the accumulated interest, as of May 2001. KamAZ took an obligation to repay $70.5m to the bank during 12 years. Respective payments shall be made every six months. The rest of the debt has been capitalized by means of conversion into shares in the KamAZ truck plant. The EBRD's share in the authorized capital of KamAZ is currently 6.79%.

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