Interfax reported that the European Bank for Reconstruction and Development might provide up to 90 billion euro in ruble equivalent to LLC Continental Kaluga a subsidiary of Germany Continental AG for the construction, equipping and launch of a car tyre plant in the Kaluga region.

Total costs for the project's implementation are estimated at EUR 320 million. The bank's board of directors will vote on the loan 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.

Source - Interfax

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