Eurasian Development Bank and EuroChem outline cooperation parameters in Kazakhstan

[ 28.07.09 11:59 ]

Eurasian Development Bank (EDB) and OJSC EuroChem Mineral and Chemical Company singed a Memorandum of Understanding on Monday. The document was signed by Igor Finogenov, Chairman of the EDB Management Board, and Dmitry Strezhnev, General Director of EuroChem. The document was initiated by EuroChem which plans to launch a large-scale project in Kazakhstan including development of phosphorite deposits, construction of integrated mining-and-processing works and mineral fertilizers plant. Implementation of these plans requires significant long-term investments.

In this regard the parties agreed to consider the possibility of financing the project by EDB, to hold negotiations, to align positions and actions, to review project data in order to take 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. 

Reference
OJSC EuroChem Mineral and Chemical Company is a vertically integrated company that manages the largest Russian producers of heavy chemicals and raw material mining plants. It incorporates mining and processing enterprises, as well as logistics companies and distribution network, is various regions around the world. EuroChem is the largest manufacturer of mineral fertilizers in Russia. It ranks among top three European and top ten world leading companies of the sector. EuroChem has adopted a development strategy to the year 2012 that envisages an investment of USD 3.2 billion in production development and construction of new facilities in order to increase manufacturing capacities. Please visit http://www.eurochem.ru for more details.

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. The Bank’s charter capital exceeds USD 1.5 billion. Please visit http://www.eabr.org/ for more details.