Vnesheconombank and the Eurasian Development Bank Transfer the Next Credit Tranche under the Project on the Expansion and Reconstruction of the Ekibastuz GRES-2 Power Station
On October 24, 2012, Vnesheconombank and the Eurasian Development Bank (EDB) provided the next tranche for purchasing basic power engineering equipment as part of funding the project on the expansion and reconstruction of the Ekibastuz GRES-2 power station with the installation of power unit № 3 (hereinafter the Project) in the Republic of Kazakhstan.
Funds of the tranche provided by Vnesheconombank and EDB transferred in rubles and US dollars respectively for a total amount equivalent to 200 million US dollars are intended for funding the advance payment under the agreement on supplying boiler and turbine equipment.
The Project is funded under the agreement made on June 23, 2010. The agreement provides for funding JSC the Ekibastuz GRES-2 power station by Vnesheconombank and EDB on a parity basis for a total amount of about 800 million US dollars for a period of up to 15 years. Vnesheconombank’s and the Eurasian Development Bank’s participation in funding the Project was caused by the following factors.
The project is aimed at developing Kazakhstan’s key infrastructure sector - power engineering. Launching the power station’s new capacities would make it possible not only to meet electricity demands in the northern part of Kazakhstan but also give a new impetus for developing the Republic’s industrial and export potential.
The Project is highly instrumental in deepening integration processes in the former Soviet Union and enhancing interaction within the CIS, the EurAsEC and the SCO. It contributes to increased mutual trade and mutual investments as the power station is owned by the Russian and the Kazakh side on a parity basis.
The project is being implemented under the agreement dated September 11, 2009 between the Russian and the Kazakh Governments.
Moreover, creating new generating capacities at the Ekibastuz GRES-2 power station might help to close the gap in electricity supplies in the Russian regions of South Urals, West Siberia and Altai and this will be a mutual step in forming a unified energy market within the EurAsEC.
After completing the construction of the third power unit a growth in electricity production is to amount up to 4.5 billion kWh. Moreover, the project’s implementation would make it possible to create up to 1200 additional jobs in the construction period and up to 400 additional jobs in the period of the power unit’s operation.
State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ was established in 2007 in conformity with Federal Law On the Bank for Development” through a transformation of Bank for Foreign Economic Affairs of the USSR.
The Bank for Development is one of the key instruments for implementing the state economic policy aimed at removing infrastructure restrictions that impede economic growth, enhancing efficient utilization of natural resources, developing high-tech industries, unleashing innovative and industrial potential of small- and medium-sized enterprises (SMEs) and ensuring support for exports of industrial goods and services.
OJSC the Ekibastuz GRES power station is an electro-power company. Its installed capacity is 1 000 MW. The power station’s shareholders in equal shares are OJSC SEGRES-2, OJSC INTER RAO UES (Russia) and JSC Samruk-Energo (Kazakhstan), with each side owning a 50% stake.
The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January of 2006 to facilitate the development of market economies in its member states, their sustainable economic growth and the expansion of mutual economic ties. The EDB charter capital exceeds 1.5 billion US dollars. The EDB member states are the Russian Federation, the Republic of Kazakhstan, the Republic of Armenia, the Republic of Tajikistan and the Republic of Belarus.
Origin: Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru
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