Eurasian Development Bank invests over $2 billion in Kazakhstan

Baku, Azerbaijan, April 24

By Elena Kosolapova- Trend:

Eurasian Development Bank since its creation in 2006 invested over $2 billion in Kazakhstan, Kazakh presidency reported on April 24.

The bank has participated in 28 projects in various sectors in Kazakhstan, including power, transport machinery, chemical industry. Now the bank is considering 28 new Kazakh projects.

Kazakh presidency issued this information following the meeting between Kazakh President Nursultan Nazarbayev and Chairman of the Eurasian Development Bank Igor Finogenov.

The parties discussed the main directions of the bank's activity in Kazakhstan, as well as the interim results of its operations in the country.

Nazarbayev noted that Kazakhstan supports the bank's intention to expand its operations, increase capital and include new members.

Finogenov, in turn, informed the president about key areas of the bank's activity, which focuses on the projects implemented within governmental and sectoral programs in Kazakhstan.

Moreover, Eurasian Development Bank is working with partners - Kazakh second tier banks on development financing of small and medium-sized business.

The bank is actively involved in the development of Kazakhstan's financial market, and plans to issue securities, which would increase funding in the national currency.

Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission of facilitating the development of market economies, sustainable economic growth and the expansion of mutual trade and other economic ties in its member states. EDB's charter capital exceeds $1.5 billion. The member states of the Bank are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan.