EADB to launch next stage of investing in Ekibastuz PP-2 enlargement

ALMATY, July 11 (Itar-Tass) -- The Eurasian Development Bank (EADB) begins the second stage of investing in the enlargement of the Ekibastuz state district power plant-2 located in the Pavlodar Region in northeast Kazakhstan, the bank's press service said on Friday.

The Ekibastuz SDPP-2 Company has officially authorized EADB toorganise financial support to the construction of the 3rd power unit with a 500-megawatt capacity at the power plant, the press service told Itar-Tass, adding that the project is estimated at no less than 400 million euros.

All in all, EADB may issue 170 million euros for 15 years, the press service said.

"Construction of the 3rd power unit will make it possible to settle the energy shortage problem in North Kazakhstan and bordering Russian regions, as well as to boost economic integration between the two countries," the press service said.

Russian's InterRAO UES and the Kazakhstani government possess thepower plant in equal proportions, the press service said.

EADB has already taken part in the reconstruction of the power plant's operating units.

The bank has issued 93.5 million dollars for 10 years to the purchase of new equipment since 2006.

"Modernisation of the operating and construction of new power units at the Ekibastuz SDPP-2 will become a key factor in the development of a unified energy market in the format of the Eurasian Economic Community," the bank's press service said.

The Eurasian Development Bank is an international financialorganisation, which was established by Russia and Kazakhstan in 2006 in order to facilitate development of the market economies in the member countries, their stable economic growth and enhancement of trade and economic contacts.

The chartered capital of the bank amounts to 1.5 billion U.S. dollars.