The EDB and the National Association of Elevator Companies to cooperate in financing investment projects

28 January 2020

Amangeldy Issenov, Deputy Chairman of the Management Board of the Eurasian Development Bank (EDB), and Yerzhan Igibayev, Head of the National Association of Elevator Companies of Kazakhstan, signed a memorandum of cooperation. The parties intend to develop long-term and mutually beneficial cooperation and run projects in Kazakhstan’s elevator sector. In particular, they plan to finance investment projects in the sector and share knowledge and experience.

Yerzhan Igibayev commented that “Elevators in Kazakhstan need modernisation, and the EDB’s interest in developing the elevator industry and the entire sector of lifting and handling equipment in Kazakhstan is a good opportunity for the advancement of the sector as a whole.”

The memorandum has become the second document the EDB signed in respect of upgrading the elevator sector in its member states. In November 2019, at the 14th International Conference on Eurasian Economic Integration, it signed a document of intent to finance the replacement of elevators with expired services life in apartment buildings in Russia for a total of RUB 10 billion.

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 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)

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