November 3, 2011

A loan for Kazakhstan's APK-Invest Corporation has been increased by the Eurasian Development Bank (EDB) to US$75 million to finance export supplies of grain harvested in 2010-12.

In October 2010 the EDB made a US$50 million loan agreement with the APK-Invest Corporation. The increase in the loan has been caused by larger-than-expected grain supplies. The project provides for buying 555,000 tonnes of grain from some farms in Akmola, Kostanay and North Kazakhstan Oblasts. Grain will be exported to the CIS countries, with a significant portion to the EDB member states. This project is in line with the EDB's mission and strategy. It ensures the sustainable economic growth of Kazakhstan through the development of export-oriented production. This is the third investment project implemented by the EDB and the APK-Invest Corporation. In December 2009 the EDB provided the Kazakh holding with a US$50-million pre-export financing for 2009 grain supplies.

In May 2008 the EDB provided the APK-Invest Corporation with a three-year US$70.6 million loan to purchase agricultural equipment and lease it to grain producers.