The EDB and UMMC sign a memorandum expanding cooperation in financing the group’s operations in the EAEU+ region

11 October 2021

Moscow, 11 October 2021. The Eurasian Development Bank (EDB) and the Ural Mining and Metallurgical Company (UMMC) signed a memorandum expanding their cooperation. The document establishes a partnership in financing the investment programme of UMMC and its subsidiaries in EDB member states with a focus on ESG activities aimed at promoting sustainable development and support for the group’s foreign trade operations in the EAEU+ region.

“Only a week ago, the EDB took part in a syndicated loan, having extended RUB 3 roubles for UMMC’s development. We plan to expand our financial support for UMMC’s investment programme, activities aimed at achieving the Sustainable Development Goals, as well as foreign trade operations of UMMC subsidiaries in the EAEU+ region. An important objective is to promote economic growth and greater integration of the economies of Russia and Kazakhstan, where UMMC is opearing. Importantly, the Bank also supports a systematic approach to environmental and social protection in traditional industries such as metallurgy and mining. I am sure that the extensive experience and high competence of our colleagues from UMMC will help us to implement all our plans,” said Nikolai Podguzov, Chairman of the EDB Management Board.

“Our cooperation with the EDB expands UMMC’s partnership with development banks in Russia and internationally. This memorandum will lay the foundation for fruitful cooperation with the Bank and expand opportunities for effective investment projects implemented by UMMC companies in EDB member states. We would like to note the high professionalism of the EDB team in preparing the syndicated loan and we appreciate the Bank’s interest in further cooperation with our company,” commented Andrey Kozitsyn, CEO of UMMC.

Additional Information:

The Eurasian Development Bank (EDB) is an international financial institution promoting integration and development in its member countries. For 15 years, the Bank has worked to strengthen and broaden economic ties and foster comprehensive development in its member countries – Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia, and Tajikistan. The EDB's charter capital totals US $7 billion. The EDB’s portfolio mainly consists of projects with an integration effect in the areas of transport infrastructure, digitalisation, green energy, agriculture, industry, and mechanical engineering. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.

The Ural Mining and Metallurgical Company (UMMC) is a Russian metallurgical and mining holding and the country’s largest producer of copper, zinc, coal and precious metals, comprising more than 40 industrial enterprises in Russia and abroad.

The EDB Media Centre:

Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)

Sergey Gorbachev +7 (916) 727 22 00 (Moscow)

pressa@eabr.org
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2021