According to the loan agreement, EDB provides a credit line to DBK for RUB 5 724 022 500 (five billion seven hundred twenty-four million twenty-two thousand five hundred) with a term of 7 years.
Development Bank offers financial and credit products to businesses at various stages of project implementation - from the investment phase to the export of finished products. In order to finance its projects, DBK has been successfully raising borrowed funds on both domestic and international capital markets. Earlier this year, the Bank issued its third KZT-denominated Eurobonds, which were placed with a wide range of foreign and Kazakh institutional investors. Today's signing of the document between Development Bank and EDB proves once again that DBK is rightfully considered a stable, experienced and reliable partner and the funds raised in RUB will allow lending to business on favorable terms for Kazakh entrepreneurs.
In addition, a memorandum of cooperation was signed between Development Bank of Kazakhstan, State Development Corporation of Russia VEB.RF, Eurasian Development Bank and Development Bank of the Republic of Belarus, which envisages joining efforts to develop integration between the countries of Eurasian Economic Union (EEU) through joint investment activities and financing projects in EEU territory.
“I would like to note, that the document signed with EDB will make it possible to start a new area of cooperation on the implementation of transactions in Russian rubles within the priority areas of lending in Development Bank of Kazakhstan. Cooperation between DBK and VEB has been going on for many years, we are actively and fruitfully working within the IBA SCO, and are open to new opportunities for cooperation with Development Bank of the Republic of Belarus as part of the signed document, which will allow the parties to jointly consider the financing of investment projects implemented in the territory of the parties' presence and contributing to the development of integration between EEU countries”, - mentioned Abay Sarkulov, Chairman of the Management Board of Development Bank of Kazakhstan JSC.
Earlier, DBK announced its strategic initiatives in close cooperation with development institutions, second-tier banks for co-financing projects, and Eurasian Development Bank is one of the reliable and long-term partners in this direction. DBK and EDB already have experience of cooperation, in particular, co-financing of Saryarka gas pipeline project, which was completed last year.
“EDB and DBK have long-term partnership relations. I am confident that the signed agreement will create new opportunities for our Kazakhstani colleagues in the framework of their investment activities. As for the Memorandum, it is not only a continuation of successful cooperation with each of the parties, but also a new stage of relations between the key financial institutions of our countries aimed at the development and integration of EEU countries”, - highlighted Nikolay Podguzov, Chairman of EDB Management Board.
PR of Development Bank of Kazakhstan: +7 (7172) 79 26 08 (www.kdb.kz, facebook.com/kdb.kz, Twitter@KDBkz)
Eurasian Development Bank (EDB) is an international financial institution that promotes the integration and development of its member countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. The authorized capital of EDB is USD 7 bln. The Bank was established in January 2006 by Russia and Kazakhstan with headquarters in Almaty. The main share in EDB's portfolio is occupied by projects with integration effect in the transport infrastructure, energy, chemical and mining industries, machine building.
Contacts of EDB Press Centre:
Alexander Saveliev, +7 (985) 765 23 59 (Moscow)
Azima Sapargaliyeva, +7 (777) 750 00 08 (Almaty)
Sergey Gorbachev, +7 (916) 727 22 00 (Moscow)