The EDB to finance the construction of a greenhouse facility with an area of more than 55 hectares

28 December 2018

The respective agreement was signed with Armsanproduct.

Yerevan, 28 December 2018. The Eurasian Development Bank (EDB) and Armsanproduct signed a loan agreement to finance the construction of a 53.4 ha semi-closed greenhouse for year-round tomato cultivation, and a 6.6 ha seedling section.

The EDB provides a US $67 million non-revolving loan facility for ten years.

“The main markets for Armenia’s agricultural produce are the member countries of our bank, Russia in the first place. For this reason, we could not disregard the project with such an integration potential. In addition, agriculture is one of the target sectors determined in the EDB’s strategy until 2022,” Vsevolod Smakov, Manager of Project Block 1 at the EDB, commented.

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)

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