The Eurasian Development Bank (EDB) has lent Rb1.1bn (about US$32mn) to a Russian freight car building plant.

The money will be used to purchase raw materials, supplies and components for the Tikhvain freight car building plant, operated by the ICT group east of St Petersburg.

EDB has given substantial support to the plant in the past and along with VEB, the Russian development bank, financed its construction in 2008 with loans of US$330mn each. It’s expected that the plant will produce over 5,000 freight cars by the end of this year, many of which will be exported.