Baku, Azerbaijan, Nov. 12
By Rashid Shirinov – Trend:
The Asian Development Bank (ADB) and Samruk-Energy, Kazakhstan’s largest power generation company, have signed agreements for loans in Kazakh tenge equivalent to $80 million, ADB said in a message on Monday.
The agreements will help Samruk-Energy increase its balance sheet flexibility by reducing foreign exchange risk, enhance its operational efficiency, and identify a renewable energy pipeline for the company.
The agreements were signed in Astana by Shantanu Chakraborty, Infrastructure Finance Director at ADB’s Private Sector Operations Department, and Bakitzhan Zhulamanov, Samruk-Energy’s Chief Executive Officer.
“Ensuring that Kazakhstan’s electricity generation sector is sustainable, competitive, and modern will improve the country’s growth and development prospects for years to come,” said ADB Senior Investment Specialist for Private Sector Operations Mohammed Azim Hashimi.
He added that ADB’s assistance through local currency financing to Samruk-Energy, which is ADB’s first non-sovereign transaction with a state-owned enterprise in Kazakhstan, is an important step toward achieving this goal.
Established in 2007, Samruk-Energy is the largest power holding company in Kazakhstan, totally owned by the National Welfare Fund Samruk-Kazyna. Presently, the core business of the company are electricity and heat production, transmission, distribution and sale of electricity, and power coal mining.
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