EDB provides $55 million to Eurasian Resources Group in Kazakhstan
Almaty, 22 August 2022. The Eurasian Development Bank (EDB) provides $55 million to Eurasian Resources Group ("SSGPO") to finance its export productrion program.
This project is in line with programs of the Republic of Kazakhstan such as the Sustainable Economic Growth national export development project. SSGPO's products are exported to EDB member countires, among others. Thus, the EDB financing will promote cooperation in production in the Eurasian Economic Space.
SSGPO is Kazakhstan's largest mining company, with projects in Sokolovsky, Sarbaisky, Kacharsky, Kurzhunkulsky, Alekseyevsky, and Sokolobvskaya mines. The company's core business is iron production and processing.
SSGPO is a member of the Eurasian Resources Group (ERG), with whom the EDB has a cooperation memorandum since June 2021.
"Our cooperation with SSGPO started in 2016. They are our anchor partners. SSGPO is a systemic enterprise for Kostanai Oblast which promotes its social and economic development. The company provides jobs for more than 17,000 people. It supplies iron to EDB countries and China. Our Bank intends to continue cooperation with ERG, including new production projects and renewable energy sources development", says Ruslan Dalenov, the EDB Deputy Chairman.
"The signing of an agreement with the EDB as part of our six-year partnership will strengthen SSGPO even furtrher. The $55-million financing of our export production creates an important gurarantee for our long-term iron exports and is a further development of our cooperation with the EDB", says Serik Shakhazhanov, Chairman of the Board of the Eurasian Group LLP.
Additional Information:
The Eurasian Development Bank (EDB) is an international financial institution investing in Eurasia. For 15 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. The EDB's charter capital totals US $7 billion. Its portfolio mainly consists of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering. The Bank’s operations are guided by the UN Sustainable Development Goals and ESG principles.
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