Monday, August 5 2019 00:58

ArmInfo.The Eurasian Development Bank has adopted a program for financing projects on renewable energy sources, which will soon be sent to shareholders for  approval.

This was stated by the Deputy Chairman of the EDB Amangeldy Isenov  during the final briefing as part of a press tour organized by the  Bank for journalists in Kazakhstan.

"Actually, this is a very serious project. Since the program also  contains a production component, which gives us the opportunity to  consider projects for the production of metal structures and solar  panels, not limited only to the construction of stations, "he  explained.

In general, according to the deputy chairman of the EDB board, the  Bank is currently considering 70 projects for a total of about $ 2  billion. The projects are considered, on the parity basis, as noted  by Isenov.  In addition, initiatives with non-EDB countries are taken  into account.

In particular, in this vein, he pointed to the activation of  cooperation with Uzbekistan, which presented about 5 projects. "First  of all, projects should have an initiator and a declarative  character," he stressed.  Isenov did not speak about the shares of  the countries in the projects, however, he stressed that the Bank had  become more active in the markets of other member countries. In this  regard, he noted that the EDB recently signed a memorandum of  cooperation with the Tajik Railways and the KazakhExport National  Company. "The matter concerns a possible implementation of a project  for the supply of equipment produced in Kazakhstan to meet the needs  of Tajik Railways," he added.

In turn, the Deputy Head of the EDB Credit Risk Management Office   Daniyar Abeuov, presented some financial indicators. In particular,  according to him as of today the annual volume of investments of the  EDB for 7 months of this year has totalled about $ 1 billion. In  general, the current investment portfolio of the Bank is about $ 4  billion, which covers about 95 projects. The volume of funds issued  is $ 2.6 billion. At the same time, the NPL level of the Bank is less  than 2%. "I would like to focus on one more indicator - this is the  accumulated investment portfolio, that is, the volume of signed deals  and completed projects, which has exceeded $ 8 billion," he said.It should be noted that in the framework of the press tour organized  by the EDB for journalists from Armenia, Belarus, Kazakhstan,  Kyrgyzstan, Russia and Tajikistan, the journalists visited an  enterprise for the production of natural juices, teas, carbonated and  non-carbonated waters, R & G milk in Alma-Ata, "Bakyrchik mining  enterprise" in Ust-Kamenogorsk and Wind Power Plant (WPP) in  Yereymentau. For the first project, the Bank provided financing in  rubles equivalent to $ 20 million, a $ 100 million credit limit was  entered into with the mining company, and 14 million tenge were  directed to the wind power plant. In addition, the EDB assisted in  the implementation of the project for the construction of the  Marriott hotel in Nur-Sultan in the amount of $ 44 million, in which  the final briefing was held.  To recall, the Eurasian Development  Bank (EDB) is an international financial organization established by  Russia and Kazakhstan in January 2006 with the aim of promoting the  development of the market economy of the participating states, their  sustainable economic growth and expansion of mutual trade and  economic ties. The authorized capital of the EDB is $ 7 billion. The  Bank's member states are the Republic of Armenia, the Republic of  Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian  Federation and the Republic of Tajikistan.