The EDB provides RUB 3.3 billion to promote food security in Kazakhstan
Almaty, 2 August 2021. The Eurasian Development Bank (EDB) has extended a RUB 3.3 billion credit facility to the Food Contract Corporation National Company (Kazakhstan) to finance the purchase of agricultural products. The first tranche of RUB 1.8 billion has already been disbursed.
The Food Contract Corporation is the state operator on Kazakhstan’s grain market, participating in ensuring the country’s food security and fostering the advancement of its grain sector. There is also a possibility of supplies of the produce purchased with the EDB’s funds to other member countries. In 2018 and 2019, for example, the Food Contract Corporation exported 10,000 and 5,000 tonnes of grain, respectively, to Tajikistan.
“It is important for us to comprehensively promote the development of our economies, including in the area of agribusiness, which is a priority for us. The funds we have extended will make it possible for the Food Contract Corporation to support Kazakhstani agricultural producers during the spring sowing and harvesting periods over three years, and to purchase agricultural produce in the autumn in order to regulate the grain market,” said Amangeldy Issenov, Vice Chairman of the EDB Management Board.
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 EDB Media Centre:
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