EDB and EvroKhim Outlined Scope of Co-operation in Kazakhstan

On Monday, Igor Finogenov, Chairman of the EDB Executive Board, and Dmitry Strezhnev, General Director of MKhK EvroKhim, signed a memorandum of understanding.

The direct reason for signing this document is EvroKhim’s intention to implement a large project to develop phosphate deposits in Kazakhstan and build an ore-dressing plant and a fertiliser plant. This project will require considerable long-term investments.

In this connection the parties agreed that the EDB will consider financing this project. To this end, the parties have committed to discuss their positions and materials related to the project, so that by 2010 to reach a final solution on the issue of financing the project by the EDB.

The parties stressed that the project will facilitate integration in the CIS and EurAsEC, the development of market economy and economic growth in Russia and Kazakhstan, and the expansion of trade and economic contacts between these countries.