EDB to lend $50 million for agriculture development in Kazakhstan

July 8. Interfax-Kazakhstan. Almaty

EDB to lend $50 million for agriculture development in KazakhstanThe Eurasian Development Bank (EDB) and the diversified agrarian company Ivolga-Holding LLP have signed a loan agreement with a value of around $50 million.

The agreement, which was signed on Thursday, provides for pre-export financing aimed at developing the agricultural infrastructure of Kazakhstan and increasing the volumes of production and exports of grains, the EDB said in a Thursday statement.

The loan funds will be used to finance the sowing and harvesting campaigns, flour production, purchase and sale of grain and flour in the domestic market and abroad, the statement said.

The Ivolga group of companies was founded in 1992. It is currently a diversified agrarian company, one of the major producers and traders of agricultural and petroleum products in Kazakhstan and Russia.