KASE (kase.kz)- Eurasian Development Bank signs agreement on loan facility with Eurasian Bank (Kazakhstan) under EDB trade finance program
/KASE, October 30, 12/ — Eurasian Development Bank, whose bonds are officially listed at Kazakhstan Stock Exchange (KASE), has provided KASE with the following press-release of October 29, 2012: quote Eurasian Development Bank (EDB) signed an agreement in Almaty to provide a five-year renewable loan facility to Eurasian Bank (Kazakhstan) for a total of US $7 million. This is EDB’s first project in Kazakhstan implemented in the framework of its Trade Finance Programme. The funds will be used to finance foreign trade transactions of this commercial bank’s clients in the EDB member states. Financing may be provided in the roubles, euro, US dollars or in the currencies of the CIS countries.
The agreement has the aim to enhance external sources of funding provided by Eurasian Bank to its clients who are engaged in foreign trade. On the other hand, it will help expand mutual trade between the EDB member states and promote deeper integration between them. «Financing export and import transactions of clients of our partner banks is aimed at enhancing mutual trade and developing corporate ties and partnership between them,» Dmitry Krasilnikov, Managing Director for Corporate Finance and Member of the EDB Management Board, says. «For this reason we deem trade finance with the use of financial intermediaries as en efficient tool to deepen integration between the member states of our Bank.»
«Cooperation between EDB and EB is an important event for the renewal of trade and financial transactions in Kazakhstan’s market,» Michael Eggleton, Chairman of the Management Board at Eurasian Bank, says. «Our clients will be the first to benefit from agreements similar to this one entered into between our bank and EDB. We are proud that Eurasian Bank has become EDB’s first partner in this area of business.» The project with Eurasian Bank is being implemented in the framework of the EDB Programme for the Development of Trade Finance Instruments and the Expansion of Mutual Trade between the EDB Member States adopted in 2010.