Azerbaijan, Baku, Oct. 29 / Trend E. Kosolapova/
Eurasian Development Bank (EDB) signed an agreement to provide a five-year renewable loan facility to Eurasian Bank (Kazakhstan) for a total of $7 million, EDB reported.
"The funds will be used to finance foreign trade transactions of this commercial bank's clients in the EDB member states. Financing may be provided in the roubles, euro, US dollars or in the currencies of the CIS countries," the bank said.
The agreement has the aim to enhance external sources of funding provided by Eurasian Bank to its clients who are engaged in foreign trade. On the other hand, it will help expand mutual trade between the EDB member states and promote deeper integration between them.
The project with Eurasian Bank is being implemented in the framework of the EDB Program for the Development of Trade Finance Instruments and the Expansion of Mutual Trade between the EDB Member States adopted in 2010.
Eurasian Bank was established in December 1994. Today the bank is present in all Kazakhstan's large cities and has 18 branches and 63 offices.
Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth and the expansion of mutual trade and other economic ties in its member states. EDB's charter capital exceeds $1.5 billion. The member states of the Bank are Armenia, Belarus, Kazakhstan, the Kyrgyzstan, Russia and Tajikistan.
