EDB has provided JSC KAZEXPORTASTYK Holding with credit line on $35 million for the purchase of oilseeds

/IRBIS, June 25, 2010/ - The Eurasian Development Bank (EDB) has granted the JSC "Holding KAZEXPORTASTYK credit line totaling $ 35 million for the purchase of oilseeds have Kazakhstan producers, according to today's press service of the Bank. As indicated, in accordance with the signed loan agreement, the proceeds would be directed at the acquisition of 18 agro-holdings in Akmola agribusiness and North Kazakhstan regions of flax and canola for export to near countries and far abroad, mainly - to Russia. Funding is provided by the Eurasian Development Bank in the form of revolving credit line for 3 years. Thus, over time, the project will be procured and export of three harvests canola and flax, stated in the message. "This project complies with the strategy of EDB - listed in the message words of Mr. Kambar Shalgimbaev, Vice-Chairman of the Board - the managing director of project activities EDB. - The project is designed to stimulate the production of oilseeds in Kazakhstan, which currently is not sufficiently developed. Simultaneously, the project will contribute to strengthening economic and trade relations between the States Parties of the Bank: it is expected that it would lead to an increase in Russian-Kazakh trade turnover of almost $43 million a year. " This project was the third in the history of cooperation between EDB and JSC Holding KAZEXPORTASTYK. Earlier, the Bank has already financed two investment projects of the company in the processing of agricultural products worth $37 million dollars. "We appreciate the support of the EDB. The opening line of credit demonstrates not only the credibility of the bank to our company, but also the growing interest of international financial institutions to the agricultural sector of Kazakhstan" - is a comments of Mr. Igor Ermolenko, General Director of JSC Holding KAZEXPORTASTYK. [2010-06-25]