EDB to Finance Grain Export to Armenia

The Eurasian Development Bank (EDB) disbursed to Eko-Pyur of Armenia the first tranche of an open $30-million facility to finance the export of 25,000 tonnes of grain to Armenia.

The respective agreement on a loan for purchasing and transporting wheat for Armenia was signed in December 2010 in Moscow by Gennady Zhuzhlev, Deputy Chairman of the EDB Executive Board, and Edgar Kazaryan, Director of Eko-Pyur. In parallel with that, Eko-Pyur secured an agreement with the state Joint Grain Company of Russia for grain supplies which will be financed from the EDB’s loan.

In this year, shortages are expected on the CIS grain market, and this project will allow prices for bread and flour in Armenia to be kept at acceptable levels.

In addition, the project will assist integration of Armenia and Russia by increasing mutual goods turnover.

Additional Information

Joint Grain Company -In accordance with Decree No.290 dated 20 March 2009 of the President of the Russian Federation, the priority goals of the JSC “Joint Grain Company” are to increase procurement and sale of grain domestically, to boost grain export, and to modernise and construct grain elevators and port terminals. The Russian government contributed to the charter capital of the Joint Grain Company shares in 31 companies located in 18 subordinate entities of the Russian Federation. The Company’s long-term strategy provides for improvements in asset management, investments in new infrastructure, and creating a new leading player of the Russian grain market based on the Company’s transport and logistics assets. https://www.oaoozk.com

Eko-Pyur is a large producer of flour from Armenia. It operates a mill in Charenatsavan, Kotaisky District.