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EBRD approves working capital loan to Kazakhstan companies operating chromium mine

Business Materials 17 May 2021 17:05 (UTC +04:00)
EBRD approves working capital loan to Kazakhstan companies operating chromium mine

BAKU, Azerbaijan, May 17

By Nargiz Sadikhova - Trend:

The Eurasian Bank for Reconstruction and Development (EBRD) has approved the provision of a $15 million short-term working capital loan to Voskhod Oriel LLP and Voskhod Chrome LLP (Voskhod), the companies operating a chromium mine in Kazakhstan, Trend reports citing EBRD.

The proposed loan will be used to provide the required short-term liquidity to Voskhod to help it reach the pre-COVID-19 operational and financial performance.The project is consistent with the Bank's Strategy for Kazakhstan and Extractive Mining Industries Strategy.

The goal of this COVID-19 response financing is to preserve the transition gains achieved to date through the Bank's existing loan.

The project aims to promote greater competition in Kazakhstan's chromium mining sector by supporting the entry of an experienced new player who prioritises improvements in resources efficiency at its Kazakh operations.

Voskhod Oriel LLP and Voskhod Chrome LLP are two limited liability partnerships incorporated in Kazakhstan. Voskhod Oriel LLP is engaged in extraction of chrome ore. Voskhod Chrome LLP operates a chrome ore concentrating plant.

To date, the EBRD has invested more than $7.9 billion in the economy of Kazakhstan through 280 projects. Supporting small businesses is particularly important to the EBRD and in line with its country strategy for Kazakhstan.

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Follow the author on twitter: @nargiz_sadikh

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