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The Eurasian Development Bank and East Kazakhstan Regional Energy Company sign a memorandum of understanding

Astana, 17 May 2018. The Eurasian Development Bank (EDB) and East Kazakhstan Regional Energy Company (EK REC) signed a memorandum of understanding to develop strategic partnership and further long-term and mutually beneficial cooperation aimed at implementing energy projects.

The document was signed during the Global Challenges Summit (Astana Economic Forum) by Andrey Beliyaninov, Chairman of the EDB Management Board, and Yerlan Kirkinbayev, Chairman of the Board at EC REC.

The areas of cooperation outlined in the memorandum include the financing of investment projects and the exchange of experience and knowledge at workshops, conferences, and business forums.

Under the memorandum, the EDB is ready to consider the opportunity of extending finance for EC REC’s projects in order to upgrade its current assets and ensure business continuity, as well as to interact in the course of the joint financing of investment projects.

Additional Information:

The Eurasian Development Bank (EDB) 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. The EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.

East Kazakhstan Regional Energy Company is one of Kazakhstan’s largest regional power transmission enterprises. The company supplies electricity to 15 rural districts, ten cities, 872 settlements and villages in East Kazakhstan Oblast. It services more than 34, 000 km of grids covering an area of 283,300 sq km. The company’s assets comprise over 229, 000 items maintained by more than 3,000 employees. Company website: http://ekrec.kz

The EDB Media Centre:

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The EDB Media Centre:

+7 (7232) 56 98 80, (ext. 63-69) (Ust-Kamenogorsk)

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