EDB to Finance Kazakh Grain Export

Almaty, 25 December 2009. The Eurasian Development Bank and Korporatsiya APK-Invest

signed a loan agreement, according to which the Bank will finance procurement by APK-Invest of grain harvested in 2009. The document was signed by Kambar Shalgimbayev, Deputy Chairman of the EDB Executive Board, and Marat Kalizhanov, Director of Korporatsiya APK-Invest.

Under this project, some 420,000 tonnes of grain will be purchased from farmers in Akmola, Kostanai and North Kazakhstan Oblasts. This grain will be exported to neighbouring and remote countries, first of all EDB members (80%).

The loan facility will total $50 million.

The project is fully in line with the EDB’s mission and strategy, since it will have a positive effect on sustainable economic development by supporting export-orientated production.

The project will also have a strong effect on integration by promoting mutual trade, development of common grain markets of Kazakhstan, Russia, Belarus and Tajikistan, and sustained commodity flows.