The EDB to expand its presence in Kazakhstan

30 January 2020

Andrey Beliyaninov, Chairman of the Management Board of the Eurasian Development Bank, and Akhmetzhan Yessimov, Chairman of the Management Board of Samruk-Kazyna, signed a memorandum of cooperation aimed at developing strategic partnership.

According to the document, the EDB will take part in financing investment projects of the KazMunayGas Group of Companies, including the Astrakhan–Mangyshlak Water Main Reconstruction and Expansion Project, Samruk-Energy, KEGOC, KazTransGas, including the Beineu–Shymkent Gas Pipeline Financing Project, and Tau-Ken Samruk.

The parties undertake to thoroughly screen the projects proposed for financing against eligibility criteria, international banking standards, as well as socioeconomic efficiency and integration development criteria.

Akhmetzhan Yessimov noted that the EDB had already taken part in Kazakhstan’s largest infrastructure project – the construction of the Saryarka gas pipeline covering the cities of Nur-Sultan, Karaganda, Temirtau, Zhezkazgan, and around 2.7 million residents of 171 towns and settlements.

The Bank is taking an active part in implementing joint investment projects in the region. Of special significance among these is the construction of the Saryarka gas pipeline conceived by the President of Kazakhstan. This project is very important to us as, in addition to providing people and businesses with reliable gas supplies, it will improve environmental indicators in the country’s northern and central regions. This means that the Bank shares our vision in respect of new developments in Kazakhstan,” Akhmetzhan Yessimov commented.

At the same time, the EDB is active in implementing joint investment projects in the region. As at the beginning of this year, its investment portfolio totalled US $4.322 billion and comprised 98 projects in six member countries. These include many joint projects with Samruk-Kazyna in the area of infrastructure, energy, and oil and gas, among other sectors.

We are interested not only in volumes but also promising developments, in particular in the area of energy. We have an idea to approach, with assistance from Samruk-Kazyna, markets in other countries that are members of our Eurasian Union in order to develop industries and the power sector there. Among these countries are Tajikistan and Kyrgyzstan,” Andrey Beliyaninov added.

Kazakhstan, along with Russia, is the Eurasian Development Bank’s largest shareholder, holding about a third of its charter capital.

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