Kazakh Prime-Minister Met with Chairman of EDB Executive Board

Almaty, 19 July 2010. On Friday, Karim Masimov, Prime-Minister of Kazakhstan, had a working meeting with Igor Finogenov, Chairman of the EDB Executive Board, in the House of Government in Astana.

The parties discussed the issues of implementing investment projects under the Programme of Accelerated Industrial and Innovation Development of Kazakhstan (PAIID).

Igor Finogenov advised the Prime-Minister that at the end of the first half of 2010 the EDB’s investment portfolio, which includes 26 projects, totalled US1.845 billion, with Kazakhstan’s share being 49.3% (Russia’s 48.4 %, Armenia’s 1.1% and Tajikistan’s 1.2%).

The Bank co-finances the construction of the third power generating unit at the Ekibastuz GRES-2 within the PAIID framework. The EDB and Vneshekonombank of Russia provide for this project a multi-currency loan of US770 million on a parity basis (US$385 million each).

At present, the EDB considers eight more PAIID projects to be implemented in Kazakhstan.

Taking into account these projects in the metal, chemical, energy and vehicle sectors, the EDB’s participation in the PAIID may reach US$600 million.