The EDB raises CNY 1.5 billion to finance transboundary transactions between China and the Bank’s member countries

19 November 2020

Moscow, 19 November 2020. The Eurasian Development Bank (EDB) borrowed CNY 1.5 billion (around US $230 million) from the Export-Import Bank of China (Exim Bank of China) to finance transboundary transactions between China and the Bank’s member countries – Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia, and Tajikistan. The respective agreement was signed on 16 November 2020. The loan facility has been extended for five years.

“This is the EDB’s first experience in attracting funds in China’s market. The transaction with Exim Bank has resulted from our continuous work to enhance the availability of medium and long-term borrowings from major players in capital markets. Ultimately, this allows the Eurasian Development Bank to provide favourable conditions for development projects and promote integration of our countries,” said Nikolai Podguzov, Chairman of the EDB Management Board.

This year, the EDB placed two issues of ruble-denominated bonds for a total of RUB 15 billion and one issue of tenge-denominated bonds worth KZT 40 billion. To finance its project operations, the EDB also raised financing from other lenders for an equivalent of more than US $110 million.

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)

pressa@eabr.org

www.eabr.org

 

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