OREANDA-NEWS. Eurasian Development Bank (EDB) and the Akimat (government) of Kyzylorda Region signed a memorandum of cooperation. The document was executed by Igor Finogenov, Chairman of the Management Board at EDB, and Krymbek Kusherbayev, Akim of Kyzylorda Region.

The parties to the memorandum agreed to cooperate in arranging finance for mining, processing, power, construction and other projects implemented in the region.

In accordance with the memorandum, the parties will focus on innovative projects, which are aimed at improving the competitiveness of local products, and on the development and fulfilment of projects, which envision the provision of loans to the real sector and SMEs and assistance to the region's enterprises in arranging finance leases. The parties agreed to cooperate in attracting investment from Kazakh and foreign financial institutions.

EDB and the Akimat of Kyzylorda Region also agreed to cooperate in arranging corporate finance advice.

"Promoting regional development in the member states is one of EDB's priorities," says Igor Finogenov. "Kyzylorda Region is rich in mineral resources and raw materials, which, if developed proactively, will foster socioeconomic development in the region. EDB, with its experience and expertise, can participate in large projects in this sphere."