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VEB.RF and EDB to Provide Financing for Russian Equipment Supplied for Renewable Energy in Kazakhstan

2 december 2021 года
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VEB.RF will lend 1.282 billion roubles to the Eurasian Development Bank (EDB) to promote renewable energy in Kazakhstan. The credit line agreement was signed by Daniyar Imangaliyev, Vice Chairman of the Management Board, EDB, and Aleksey Ternavskiy, Managing Director, VEB.RF, during the Eurasian Congress.

The project uses Russian-made equipment, thus also boosting economic integration.

“Green technology transfer from Russia to Kazakhstan with the direct involvement of VEB.RF is an example of how the EDB is laying out a new integration agenda. Since 2017, the Bank has provided financing for renewable energy projects worth over 540 million US dollars and totalling about 500 MW. In 2020, the Council of the Bank approved a programme for 600 million US dollars in financing for 500 MW renewable energy projects in 2020–2024. This can increase planned renewable energy financing to over 1 billion US dollars by 2024,” Daniyar Imangaliyev said.

“Support for high-technology exports is a key area of VEB.RF’s activities. In 2021 alone, VEB.RF entered into loan agreements for more than 1.5 billion US dollars in this area. Their stable export potential means that Russian goods and services are highly competitive. Our main focus now is on ESG criteria for project selection, so we are optimistic about the future prospects of joint green integration projects with the EDB, our good and reliable partner,” Aleksey Ternavskiy said.


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