DUSHANBE, November 18, 2009, Asia-Plus — On Tuesday November 17, the Eurasian Development Bank (EDB) and Landesbank Berlin AG (LBB) signed a loan agreement for financing import of textile equipment to Tajikistan, the EDB press service reported.
The loan will be used for implementation of an investment project of Tajik closed joint-stock company (CJSC), Olim Textile, aimed at construction of a modern spinning mill in Tajikistan.
The project includes delivering textile equipment from Germany and rendering associated services on introducing the facility into operation.
EDB invests more than 22.6 million U.S. dollars in the project for the period of 12 years. The LBB loan is provided to EDB under the insurance coverage from Germany’s export credit agency of Euler Hermes, the EBD press services said.
The Eurasian Development Bank (EDB) is based in the Kazakh city of Almaty and has a branch in St. Petersburg, Russia”s second city, and offices in the two countries” capitals, Moscow and Astana. Russia and Kazakhstan signed an agreement to create the bank on January 12, 2006 in the Kazakh capital, Astana. Under the agreement, the bank has authorized capital of $1.5 billion, 33% of which belongs to Kazakhstan and the remainder to Russia. In April 2009 Armenia and in June 2009 Tajikistan became the full members of the EDB after having paid in their shares in the authorized capital of the Bank. The Bank’s authorized capital now exceeds US$1.5 billion.
Landesbank Berlin AG is the universal bank headquartered in the German capital. Its business model is built on four pillars: Retail Banking and Regional Corporate Banking, in which the Bank has an excellent position as an innovative, customer-oriented bank; Capital Markets, for which we offer selected activities and Real Estate Financing, which is focused on the requirements of investors and residential development companies throughout Germany.
