Vnesheconombank and EDB transfer another tranche of the loan to expand and reconstruct Ekibastuz GRES 2
On 24 October 2012 Vnesheconombank and Eurasian Development Bank (EDB) provided another tranche of the loan to Ekibastuz GRES 2 for the purchase of basic power equipment in the framework of a project to expand and reconstruct this power station in Kazakhstan, including the installation of Unit 3.
Vnesheconombank and EDB transferred the funds in the Russian roubles and the US dollars for an equivalent of approximately US $200 million. These funds will be used to make prepayment under an agreement on the supply of boiler and turbine equipment.
The project is being financed under the loan agreement entered into on 23 June 2010. Under the agreement, Vnesheconombank and EDB have committed to provide a fifteen-year loan to Ekibastuz GRES 2 on a parity basis to the tune of approximately US $800 million. After the construction of Unit 3 electricity generation by the plant is expected to increase by 4.5 billion kWh a year. The project will create up to 1,200 additional jobs during the construction period and up to 400 jobs for the unit operation.
This project promotes deeper integration in the post-Soviet space and strengthens cooperation in the framework of the CIS, EurAsEC and the SCO. In addition, it ensures an increase in mutual trade and investment. Its purpose is to develop Kazakhstan’s power industry, which is one of its key infrastructural sectors. The commissioning of new facilities at the plant will help meet the demand for electricity in Kazakhstan’s northern regions and give a new impetus to the advancement of the country’s industries and export potential.
New generating facilities at Ekibastuz GRES 2 can also help cover electricity shortages in Russia’s Southern Urals, Western Siberia and Altay regions and this will become an important step towards the formation of a common electric power market in the framework of EurAsEC.
The project is being implemented pursuant to the agreement between the Government of the Russian Federation and the Government of the Republic of Kazakhstan dated 11 September 2009.
Ekibastuz GRES 2 Station JSC is an electric power company with an installed capacity of 1,000 MW. The shareholders in the company are INTER RAO UES (Russia) and Samruk-Energy (Kazakhstan), holding 50% each.
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. 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 at https://www.eabr.org.
The State Corporation «Bank for Development and Foreign Economic Affairs» (Vnesheconombank) was established pursuant to the Federal Law of the Russian Federation On the Development Bank by means of reorganisation in 2007 of Vnesheconombank of the USSR. Vnesheconombank is one of the key instruments in the implementation of the state economic policy aimed at overcoming infrastructural barriers to the economic growth, improving the efficiency of use of natural resources, developing high-tech industries, tapping the innovative and production potential of small and medium-sized businesses, and supporting exports of products and services.
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