Baku, Azerbaijan, Aug. 13
By Ilkin Shafiyev – Trend:
The Eurasian Development Bank (EDB) plans to finance new projects in various sectors of economy of Kazakhstan, the press service of the bank told Trend Aug. 13.
"As of July 1 this year, Kazakhstan was the largest country of operations of the Eurasian Development Bank. The country's share in the current investment portfolio of the EDB was 43.5 percent. The bank plans to continue to actively invest in Kazakhstan: new projects in various sectors of the economy, in particular in the field of electricity and infrastructure are being prepared for financing," the EDB noted.
The bank believes that Kazakhstan has good prospects for the development of a number of sectors of the economy.
"In June this year, the Council of the EDB approved a new medium-term strategy for the period from 2018 to 2022. According to the strategy, the priority sectors for the investment activity of the EDB are infrastructure, electricity, chemical, petrochemical, oil and gas, metallurgical and mining industries, engineering sector, agribusiness complex, information technology sector. We believe that Kazakhstan has good prospects for the development of all these sectors of the economy. We will support these sectors by financing new significant investment projects," the bank said.
The EDB is an international financial organization established by Russia and Kazakhstan in January 2006 to promote the development of the market economy in the member states, their sustainable economic growth and the expansion of mutual trade and economic relations. The authorized capital of the EDB is $7 billion.
The member states of the bank are Belarus, Kazakhstan, Kyrgyzstan, Russia, Armenia and Tajikistan.
As of August 1, 2018, the current investment portfolio of the bank amounted to $3.092 billion and included 76 projects in six member states of the bank.
The balance sheet portfolio (excluding provisions and discounts) has amounted to $2.072 billion. The total amount of the bank's investments in the economies of the member states has reached $6.999 billion.
The bank gives priority to the financing of projects for the development of energy, transport and infrastructure sectors. As of August 1, 2018, projects in these sectors accounted for more than 50 percent of the current investment portfolio.
It was reported earlier that in 1H2018, the EDB earned a net profit in the amount of $37,542 million. At the same time, the benchmark set in the bank's strategy until 2022 for the entire current year is at the level of $ 32 million.
The total amount of credit agreements concluded by the EDB in the first half of the year exceeded $ 1.579 billion, the message says. This figure has already exceeded the result of the entire last year amounting to $1.115 billion.
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