October 29, 2010

Eurasian Development Bank to finance Kazakh grain export

Kambar Shalgimbayev, deputy chairman of the Eurasian Development Bank (EDB) Executive Board, and Marat Kalizhanov, director of Korporatsiya APK-Invest, signed a loan agreement to finance procurement of grain harvested in 2010-2012.

Under this project, some 167,000 tonnes of grain will be purchased from farmers in Akmola, Kostanai and North Kazakhstan Oblasts. This grain will be exported to neighbouring countries, mainly EDB members (90%), first of all Tajikistan. This loan facility of US$50 million will be provided for 36 months.

The project is fully in line with the EDB's mission and strategy, since it will have a positive effect on sustainable economic development of Kazakhstan by supporting export-orientated production. The project will also have a strong effect on integration by supporting mutual trade, common grain markets of Kazakhstan and Tajikistan, and sustained commodity flows. This is the third investment project of the EDB and Korporatsiya APK-Invest.