ASTANA (TCA) — The first co-financing project in Kazakhstan for the European Bank for Reconstruction and Development (EBRD) and the Bank of China (BoC) is to take off following the BoC’s decision to join the transaction, the EBRD said.
The Bank of China on December 29 signed the participation agreement to provide US$ 120 million under the US$ 295 million syndicated loan for the expansion of Shalkiya zinc and lead mine arranged by the EBRD in June 2017.
The project with JSC ShalkiyaZinc Ltd, a Kazakh mining company based in the Kyzylorda region, is designed to expand the existing mining operation and create new job opportunities, especially for women and young people.
Lorenz Jorgensen, Director, Loan Syndications, EBRD said: “The transaction is an excellent demonstration of the growing cooperation between the EBRD and the BoC which is expanding to more and more countries both banks are operating in.”
Liu Wei, President, Bank of China Kazakhstan added at the signing: “Bank of China Group is very pleased to partner with the EBRD and Samruk-Kazyna on the development of one of the world’s largest lead and zinc deposits, Shalkiya. I am looking forward to witnessing success of the project which will be a showcase in Kazakhstan.”
The EBRD is the largest institutional investor in Kazakhstan with more than €7.3 billion invested in various sectors of the country’s economy, with a focus on diversification and private sector support.