Eurasian Development Bank signs a credit agreement with Corporation AIC-Invest (Kazakhstan) to finance grain export
December 25. KASE
Eurasian Development Bank (EDB) and Corporation AIC-Invest signed a credit agreement to finance 2009 grain crop procurement with an aim to further sell the grain abroad. The agreement was signed by EDB Deputy Chairman Kambar Kambar Shalgimbaev and director of Corporation AIC-Invest Marat Kalizhanov.
The project provides for acquisition of 420 th tones of grain from farms in Akmola, Kostanay and Northern Kazakhstan oblasts. The grain will supposedly be exported, with substantial 80% – to EDB member-countries.
The agreement provides for USD50 m financing.
The project accords to the EDB mission and strategy and will help economical growth thanks to developing export-oriented businesses.
Essentially, the project will produce a substantial integration affect: its implementation will support enlargement of mutual trade and develop grain markets between Kazakhstan, Russia, Byelorussia and Tajikistan through stimulus of sustainable trade flows.