The EDB and Eximbank of Russia sign a framework cooperation agreement
Moscow, 6 June 2019. The Eurasian Development Bank (EDB, the Bank) and the State Specialised Russian Export-Import Bank (Eximbank of Russia, a member of the Russian Export Centre Group) entered into a framework cooperation agreement. The document outlines the terms and conditions, on which Eximbank of Russia will finance the EDB’s payments for goods and services under export contracts, and is aimed at strengthening cooperation between the banks.
In particular, the parties intend to consider financing for the supply of solar models made by Hevel, with an aggregate capacity of up to 60 MW, for the construction of turnkey solar power plants in Kazakhstan in 2019-2020.
Andrey Beliyaninov, Chairman of the EDB’s Management Board, commented that, “This agreement is very important to the EDB, as it will help to boost Russia’s exports to the EDB member states. The first project is planned to be financed this summer. The funds will be extended to supply Russian equipment for the green energy sector, which is one of the Bank’s priorities. Cooperation between the EDB and Eximbank of Russia will focus, in the first place, on promoting integration in commodity markets and developing trade between Russian businesses and companies from other EAEU countries, and this is a strategic task for our Bank.”
Andrey Slepnev, General Director of the Russian Export Centre Group, added that, “The development of solar energy on a global scale offers enormous opportunities. These projects are extremely important to the Russian economy, as by combining the financial solutions and experience of all parties in the deal, we acquire new, unique expertise in this area. We are confident that the signature of this framework agreement will become an important milestone in maintaining the financial needs of Russian businesses and help to implement bold and ambitious projects.”
In February 2019, the EDB and Hevel Kazakhstan signed a EUR 56.2 million long-term multi-currency loan facility agreement to finance the construction of solar power plants with an installed capacity of up to 90 MW in Kazakhstan.
Additional Information:
The Eurasian Development Bank (EDB) 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. The EDB's charter capital totals US $7 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.
The Russian Export Centre, as a government institution supporting non-primary exports, provides a wide range of financial and non-financial support measures to Russian exporters. The centre focuses on improving the conditions for exports and lifting the existing barriers to foreign trade. It is a shareholder in the Russian Agency for Export Credit and Investment Insurance (EXIAR) and Eximbank of Russia, and this helps to optimise resources and create efficient business processes needed to provide comprehensive services to exporters. In accordance with VEB’s Memorandum on Financial Policies, one of its priorities is to promote exports and support investment projects with the participation of Russian companies abroad. The Russian Export Centre is a member of the VEB.RF Group.
The EDB Media Centre:
Alexander Savelyev +7 (985) 765 23 59 (Moscow)
Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)
Sergey Gorbachev +7 (916) 727 22 00 (Moscow)