OREANDA-NEWS. November 23, 2009. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the Eurasian Development Bank (EDB), Joint Stock Company Samruk-Energo, OJSC INTER RAO EES and JSC Ekibastuz Power Station-2 signed an Agreement on Indicative Terms of Financing the Construction of the third power unit of the Ekibastuz Power Station-2 on November 20, in the city of Yalta in the presence of Russian Prime Minister Vladimir Putin and Kazakh Prime Minister Karim Maksimov.

The parties intend to implement a large-scale investment project aimed at constructing power unit № 3 of the Ekibastuz Power Station-2 with installed power of 500 MW worth about 800 million US dollars. Upon the completion of the third power unit construction, the Ekibastuz-2 Power Station will increase its installed power by 50%.

Vnesheconombank and EDB are scheduled to extend on a parity basis a multicurrency fifteen-year credit for a total amount of 770 million US dollars. This kind of syndicated credits with a complicated structure are of unique character nowadays and they underline clearly banks’ role in the development of the modern economy. By developing the power engineering infrastructure, Vnesheconombank acts as an export bank financing the purchase of Russian equipment and services.

The implementation of the Ekibastuz Power Station-2 Expansion Project would help reintegrate power systems of Russia and Kazakhstan, deepen integration processes on the territory of the former Soviet Union and promote cooperation within the Shanghai Cooperation Organization.