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Wednesday, May 27, 2020

EURASIAN DEVELOPMENT BANK: EDB will expand its presence in Kazakhstan

Eurasian Development Bank issued the following announcement on Jan. 29.

Chairman of the Board of the Eurasian Development Bank (EDB) Andrei Belyaninov and Chairman of the Board of JSC NWF Samruk-Kazyna Akhmetzhan Yesimov signed a Memorandum of Cooperation for the development of strategic partnership.

According to the memorandum, EDB will take part in financing investment projects of groups of companies of JSC NC “KazMunayGas”, including the “Project for the reconstruction and expansion of the main water pipe“ Astrakhan-Mangyshlak ”, JSC“ Samruk-Energy ”,“ KEGOC ”, JSC“ KazTransGas ”, including “Project on financing Beineu-Shymkent Gas Pipeline LLP, as well as Tau-Ken Samruk NGK JSC.

In the framework of cooperation, the parties undertake to carefully select the financed projects according to the criteria of compliance with international banking standards, socio-economic efficiency and the development of integration processes.

Akhmetzhan Yesimov recalled that the EDB has already taken part in the largest infrastructure project in the history of independent Kazakhstan, the construction of the Saryarka gas pipeline, which covers the cities of Nur-Sultan, Karaganda, Temirtau, Zhezkazgan and about 2.7 million people from nearby 171 settlements.

“The Bank takes an active position in the implementation of joint investment projects in the region. Of particular importance among the projects is the “construction of the Saryark gas pipeline,” the idea of which belongs to Elbasy. The project is very important for us, as it will provide not only a reliable gas supply to the population and enterprises, but also improve the environmental performance of the northern and central regions of the country. This suggests that the Bank shares our vision of developing new directions in Kazakhstan, ”said Akhmetzhan Yesimov.

At the same time, the Bank takes an active position in the implementation of investment projects in the region. At the beginning of this year, the Bank's investment portfolio amounted to 4.322 billion US dollars and includes 98 projects in six participating countries. Among them are many joint projects with a group of Samruk-Kazyna JSC. These include projects in the field of infrastructure, energy, the oil and gas industry and others.

“We are interested not only in volumes, but also in promising areas, in particular, energy. We have a plan, with the help of the Samruk-Kazyna Fund, to enter the markets of other countries that are members of our Eurasian Union so that we can develop industry and energy there. These include countries such as Tajikistan and Kyrgyzstan, ”A. Belyaninov said.

Recall that Kazakhstan, along with Russia, is the largest participant in the Eurasian Development Bank, with a share of about a third of its authorized capital.

Original source can be found here.

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