Eurasian Development Bank and EuroChem to cooperate in Kazakhstan
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24.08.09 12:00
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The document was signed by Igor Finogenov, Chairman of the EDB Management Board, and Dmitry Strezhnev, General Director of EuroChem. The Russian company plans to launch a largescale project in Kazakhstan including the development of phosphorite deposits, construction of integrated mining-and-processing works and a fertilizer plant. Implementation of these plans requires significant long-term investments. In this regard the parties agreed to consider the possibility of the EDB financing the project, to hold negotiations, to align positions and actions, to review project data in order to take the final decision on financing of the EuroChem project in Kazakhstan by the Bank in 2010. The parties stated that the project will contribute to further development of integration processes in the CIS and the Eurasian Economic Community, promote development of market economies in Russia and Kazakhstan, strengthen trade and economic relations between the countries, and favour their economic growth. EuroChem has adopted a development strategy to the year 2012 that envisages an investment of $3.2 billion in production development and construction of new facilities in order to increase manufacturing capacities. Eurasian Development Bank is an international financial institution founded in January 2006 by Russia and Kazakhstan in order to promote market economy development of the member states, foster economic growth, and strengthen trade and economic relations.
FSU Update Fertecon, 08.08.2009