The EDB and the Alabuga Special Economic Zone sign a partnership agreement to finance the Alabuga development plan for up to RUB 36 billion
Moscow, Eurasian Congress, 2 December 2021. At the Eurasian Congress, Nikolai Podguzov, Chairman of the Eurasian Development Bank’s (EDB) Management Board, and Timur Shagivaleyev, General Director of the Alabuga Special Economic Zone, signed a partnership agreement to finance the construction of infrastructure in Alabuga for a total of up to RUB 36 billion over the next five years.
To date, Alabuga resident companies have made private investments to the tune of RUB 152 billion. A total of 57 resident companies, including foreign businesses such as Ford, Rockwool, Armstrong, 3M, Kastamonu, Hayat, Air Liquide, and Şişecam, have been registered, of which 33 are leaders in their respective industries. Alabuga-based enterprises employ a total of more than 9,000 people. In 2021, its residents’ income will exceed RUB 120 billion.
“The EDB’s priorities for partnership with the Alabuga Special Economic Zone are to provide financing to construct social infrastructure, create new platforms, and finance its residents’ projects. Just a week ago, on 22 November, the Alabuga Supervisory Board approved a breakthrough scenario for its development, envisioning over RUB 200 billion in investment over five years. I am positive that the EDB will take an active part in implementing that scenario,” said Nikolai Podguzov.
“The EDB as a reliable partner will help us speed up the implementation of the development plan and create conditions in due time to localise new value chains. In addition, this partnership will foster Eurasian integration by training engineering personnel at Alabuga Polytech,” said Timur Shagivaleyev.
Additional Information:
The Eurasian Development Bank (EDB) is an international financial institution promoting integration and development in its member countries. For 15 years, the Bank has worked to strengthen and broaden economic ties and foster comprehensive development in its member countries – Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia, and Tajikistan. The EDB's charter capital totals US $7 billion. The EDB’s portfolio mainly consists of projects with an integration effect in the areas of transport infrastructure, digitalisation, green energy, agriculture, industry, and mechanical engineering. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.
The Alabuga Special Economic Zone based in the Yelabuga District, Tatarstan, is Russia’s largest industrial and manufacturing special economic zone. Over fifteen years, public investment in infrastructure has exceeded RUB 32 billion and private investment RUB 152 billion.
The EDB Media Centre:
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