OREANDA-NEWS. On 29 July 2009 was announced, that Eurasian Development Bank (EDB) and OJSC EuroChem Mineral and Chemical Company singed a Memorandum of Understanding on Monday. The document was signed by Igor Finogenov, Chairman of the EDB Management Board, and Dmitry Strezhnev, General Director of EuroChem. The document was initiated by EuroChem which plans to launch a large-scale project in Kazakhstan including development of phosphorite deposits, construction of integrated mining-and-processing works and mineral fertilizers plant. Implementation of these plans requires significant long-term investments.

In this regard the parties agreed to consider the possibility of financing the project by EDB, to hold negotiations, to align positions and actions, to review project data in order to take final  decision on financing of the EuroChem project in Kazakhstan by the Bank in 2010.

The parties stated that the project will contribute to further development of integration processes in the CIS and the Eurasian Economic Community, promote development of market economies in Russia and Kazakhstan, strengthen trade and economic relations between the countries, and favour their economic growth.