Moscow, 29 June 2011. On Tuesday, the Eurasian Development Bank’s (EDB) Council chaired by Alexei Kudrin approved the EDB Executive Board’s resolution to accept Halyk Bank of Kazakhstan as a third lender in the project to construct the third power generating unit at Ekibastuzskaya GRES-2.
Halyk Bank expressed its interest to join the project financing transaction as a third lender on equal terms with the EDB and Russia’s Vnesheconombank under a loan agreement signed by them with Ekibastuzskaya GRES-2 on 23 June 2010. Halyk Bank’s involvement envisages pro rata decreases in the loans to be provided by the EDB and VEB. At the same time, the participation of Kazakhstan’s largest bank as a third lender in the project will provide for smoother distribution of risks of the EDB and VEB.
In addition, to streamline decision-making, the EDB Council delegated to the EDB Executive Board the authority to take further actions in respect of the project to construct the third power generating unit at Ekibastuzskaya GRES-2, except for decisions to increase the loan amount by the Bank.
