EDB loans $44 million to Kazakhstan’s gold producer

ASTANA (TCA) — The Eurasian Development Bank (EDB) and Altynalmas, a major gold producer in Kazakhstan, have signed loan agreements for a total of US $44.6 million to finance Altynalmas Group of Companies’ investment programs aimed at enhancing gold production.

The funds are planned to be used to prepare the Dolinnoye deposit in Kazakhstan’s Karaganda Region for development, including the construction of a crushing and grading plant and a mechanical repair shop, and construct a gold processing plant in Karaganda Region with an annual capacity of 2.5 million tons to process ore extracted from the Dolinnoye deposit.

The project is expected to promote sustainable economic growth in Kazakhstan and create jobs.

“These are not the first agreements we’ve signed with Altynalmas. We continue to build cooperation with the Bank’s ‘anchor’ clients – the major companies that boost the development of our member economies. The advancement of mining is a priority under Kazakhstan’s Strategic Development Plan until 2025. As for us, the investment projects will be in the sectors of mining and metallurgy, which are our priorities in accordance with the Bank’s current strategy for 2018-2022,” said Amangeldy Issenov, Deputy Chairman of the EDB Management Board.

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 Armenia, Belarus, Kazakhstan, the Kyrgyz Republic, Russia, and Tajikistan.

Sergey Kwan


Sergey Kwan has worked for The Times of Central Asia as a journalist, translator and editor since its foundation in March 1999. Prior to this, from 1996-1997, he worked as a translator at The Kyrgyzstan Chronicle, and from 1997-1999, as a translator at The Central Asian Post.
Kwan studied at the Bishkek Polytechnic Institute from 1990-1994, before completing his training in print journalism in Denmark.

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