Eurasian Development Bank increases financing of Corporation AIC-Invest (Kazakhstan) grain export project to $75 mln

November 2. KASE

Eurasian Development Bank (EDB) has increased to $75 million financing of project of Corporation AIC-Invest (Kazakhstan) for the purchase of grain of yields 2010-2012 for its further export sales, was stated in the report released today by the EDB.

It is reported that in October 2010, the EDB has signed with the Corporation AIC-Invest credit agreement, which provided funding for the project by the EDB in the amount of $50 million.

It is noted that increasing the credit line is due to increase in the volume of grain purchased – the project envisages the acquisition of 555,000 tonnes of grain in a number of farms of Akmola, Kostanai and North Kazakhstan oblasts. Grain destined for export to neighboring countries, of which member states have substantial share.

“The project meets the mission and strategy of the EDB. It has an impact on sustained economic growth of Kazakhstan by promoting the development of export-oriented production”, – was stated in the message.

This is the third investment project implemented by Corporation AIC-Invest and EBD together. In December 2009, the EDB has taken part in pre-export financing purchases of grain harvest in 2009 by major Kazakh agro-industrial holding with a volume of $50 million.

In May 2008, the EDB has provided Corporation AIC-Invest loan of $70.6 million for 3 years for the purchase of agricultural equipment and transfer it to the leasing of grain producers.