EDB to help finance Jerooy gold mine development in Kyrgyzstan


BISHKEK (TCA) — Eurasian Development Bank (EDB) and Alliance Altyn on June 22 signed a letter of intent to cooperate in Jerooy gold mine development in Kyrgyzstan.

The document was signed by Dmitry Pankin, Chairman of the Management Board of EDB, and Musa Bazhaev, Chairman of the Board of Directors of Russian Platinum (Alliance Altyn’s management company).

In accordance with the letter of intent, EDB will consider the Jerooy project and assist Alliance Altyn in structuring and obtaining necessary finance, which may total up to US $200 million.

“In accordance with the Bank’s revised strategy, we give priority to projects with a high integration component,” Dmitry Pankin said. “An important peculiarity of the project is the participation of Russian and Kazakh investors in a large mining project in Kyrgyzstan. The country is an EDB member state and in 2015 it joined the Eurasian Economic Union. Proceeds from deposit development are expected to have a stabilizing effect on the country’s fiscal revenues. The project is also expected to pay significant social contributions. In addition, it will create hundreds of jobs.”  

“We are confident of Jerooy’s potential and know its fulfillment conditions very good. Jerooy will be a significant contribution to Kyrgyzstan’s socioeconomic development and will promote cooperation between the Eurasian Economic Union countries,” said Musa Bazhaev.  

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. EDB’s charter capital totals US $7 billion. The member states of the Bank are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.

Sergey Kwan