The EDB to extend US $30 million to Sovcombank to finance trade operations in EAEU+

28 June 2021

Moscow, 25 June 2021. The Eurasian Development Bank (EDB) took part in a US $30 million syndicated loan to Sovcombank (Russia).

The funds will be used to finance trade contracts of Sovcombank’s clients related to the supply of goods, equipment, and services among the Bank’s member states.

“By extending the funds we are, on the one hand, continuing to take part in the development of the banking sector in our member countries, in this case Russia. And, on the other hand, we are promoting industrial integration projects. The project is in the financial sector, which is one of the EDB’s priority sectors under its strategy for 2018–2022, and it envisions the advancement of economic integration among the Bank’s member states, which is among our investment priorities,” 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 – Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia, and Tajikistan. The EDB's charter capital totals US $7 billion. The Bank was established in January 2006 and is headquartered in Almaty. 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 EDB marks its 15th anniversary in 2021.

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