The European Bank for Reconstruction and Development (EBRD) announced on Monday that it is joining UniCredit in financing a $260 million mining operation in Kazakhstan.
Each institution will be supplying $130 million toward the enhancement of equipment and structure of the Vokshod mine. With enhancements in place the mine will be more efficient and allow for cleaner operation for both the environment and worker's health.
“We are pleased to support this operation together with UniCredit and to contribute to the expansion of Yildirim Group into a new market," said EBRD President Sir Suma Chakrabarti. "We are also proud to cooperate with the government of Kazakhstan, represented here by the prime minister, Karim Massimov, on the reform of natural resources legislation, specifically subsoil use legislation, which will bring it in line with international standards.”
The financing will also be utilized to acquire new mining equipment and develop facility expansions.
According to the release the EBRD has financed approximately $7 billion in projects in Kazakhstan.