OREANDA-NEWS. October 24, 2008. Igor Finogenov reported that in the past two years the bank has financed several projects in Kazakhstan, in particular the development of chromite deposits in the Aktobe Region and the reconstruction of the Ekibastuz State District Power Station.

The President instructed the head of the bank to continue to develop major investment projects despite the difficult situation in financial markets.

The Eurasian Development Bank was established by Russia and Kazakhstan in January 2006 in order to promote the economic development of both parties. The Bank aims to become one of the key elements of Eurasian financial infrastructure and act as an efficient investment mechanism to foster cooperation in the region. The presidents of Russia and Kazakhstan put forward the initiative to create the Bank which has a registered capital of 1.5 billion USD. The Bank is open to new participants, both states and international organisations. Its headquarters are in Almaty (Kazakhstan).