EDB and Chelyabinsk Region sign a letter of intent
Astana, 4 October 2016. Eurasian Development Bank (EDB) and the Government of Chelyabinsk Region signed a letter of intent today in Astana. The document was signed by Dmitry Pankin, Chairman of the Management Board at EDB, and Boris Dubrovsky, Governor of Chelyabinsk Region, at the 13th Forum on Inter-Regional Cooperation between Kazakhstan and Russia attended by the heads of state.
The parties intend to cooperate in creating a manganese production facility at the Troitsk Metallurgical Plant in Chelyabinsk Region. Kazakhstan's Zhairem GOK will supply manganese ore for the enterprise.
The letter of intent confirms EDB's interest in financing the project for a total of up to US $75 million. The Bank's forms of participation and terms of finance will be agreed during further negotiations.
"The project's location near Kazakhstan's border will ensure low transport costs and a stable demand for the Kazakh supplier's products. The finished products will be sold in Russia and the EAEU countries," Dmitry Pankin, Chairman of the Management Board at EDB, said. "Therefore, the project will help to create an intercountry production chain and enhance mutual trade."
The letter of intent also envisions cooperation in respect of other integration projects in Chelyabinsk Region.
Additional Information about the Bank:
Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate 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 totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
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