The Eurasian Development Bank (EDB) and Eurasian Bank JSC have agreed to cooperate on arranging syndicated loans for investment projects, including large-scale projects in the energy sector.
The memorandum was signed on November 10 in Abu Dhabi during an event marking the launch of the EDB office at Abu Dhabi Global Market (ADGM). Representatives of the UAE Ministry of Finance attended.
EDB Deputy Chairman of the Management Board Ruslan Dalenov said the memorandum would combine the parties’ financial resources and expertise to jointly finance major projects aimed at developing Kazakhstan’s economy, including energy projects.
The EDB is already involved in energy projects in Kazakhstan, including the national project “Development of Coal Generation” in Central and Eastern Kazakhstan. The power plants under construction are to use modern technologies that meet the requirements of Kazakhstan’s Environmental Code. Renewable energy projects also make up a significant share of the EDB’s energy portfolio.
Eurasian Bank Managing Director Nazar Mamykanov said the cooperation would give the bank additional ways to participate in major investment projects and support the real sector of the economy. The memorandum also provides for cooperation on syndicated and interbank lending for other investment projects, including those implemented through investment funds involving the EDB.
