The EDB to finance supply of agricultural machinery to Kazakhstan

Almaty, 6 March 2013. The Eurasian Development Bank (EDB) is to open a credit line of US$ 20 million to finance supply of agricultural machinery to Kazakhstan. The relevant agreement was signed today by Dmitry Krasilnikov, EDB Managing Director for Corporate Finance, and Nurlan Umirzakov, First Deputy Board Chairman of KazAgroFinance JSC.

This lending will take the form of both direct financing and issue of guarantees by the Eurasian Development Bank. Under the terms of the agreement, at least 80 % of the credit line will be disbursed to finance supply of machinery from the EDB member states.

«It is the second transaction of the EDB with KazAgroFinance JSC to finance supply of agricultural machinery for agro-industrial enterprises in Kazakhstan,» — says Dmitry Krasilnikov. «The project is consistent with the EDB’s mission and strategy: it will support sustainable economic growth in Kazakhstan, while promoting the development of the country’s agro-industrial complex, as well as boosting trade between the EDB member states and facilitating the development of agricultural engineering on their territory.»

Additional Information

KazAgroFinance JSC was established in 1999 in accordance with Resolution of the Government of the Republic of Kazakhstan. The company is part of the National Managing Holding KazAgro. Its key mission is to support the development of the country’s agricultural sector by ensuring access of agricultural producers to financial resources, as well as agricultural and manufacturing machinery based on leasing arrangements. It has got 9 branches and 4 representative offices in all the regions of Kazakhstan.

The Eurasian Development Bank 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 exceeds US $1.5 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.

Read more about the EDB at https://www.eabr.org

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