EDB to finance uranium supplies from Kazakhstan to Russia

Almaty, 26 March 2013. Eurasian Development Bank (EDB) continues to fulfil its programme providing pre-export finance for large uranium supplies from Kazakhstan to Russia. This is envisaged by an agreement signed between EDB and Zarechnoye JV, a uranium ore producer in South Kazakhstan Region.

In accordance with the agreement the Bank will lend the company US $20 million for three years. The borrower will use the money to pay for the services and materials necessary to produce and export uranium.

The project will impact significantly the development of a single market in uranium and uranium products by Russia, Kazakhstan and Kyrgyzstan. The borrower is a joint Kazakh, Russian and Kyrgyz venture, the ultimate beneficiaries being the Rosatom State Corporation, Kazatomprom and the Renova group of companies which owns the Kara-Balta Ore Mining Combine in Kyrgyzstan.

«This is not the first Bank’s project in the Zarechnoye uranium deposit. In 2007 we provided US $63 million for its industrial development,» says Kanat Dosmukametov, Deputy Chairman of the EDB Management Board. «That project was among the first projects in the Bank’s investment activities: it was implemented only six months after the Bank had started to operate.»

Additional Information

Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth and the expansion of mutual trade and other economic ties in its member states. EDB’s charter capital exceeds US $1.5 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. Read more at https://www.eabr.org.