OREANDA-NEWS. June 30, 2010. Eurasian Development Bank opened for Holding KAZEXPORTASTYK a USD35 m credit line enabling the holding to procure oil crops from local producers, reported the press-centre of KASE.

Under the credit agreement, the funds will be spent to purchase flax and rapes from 18 agricultural firms based in Akmola and Northern Kazakhstan oblasts and consequently export the crops, mainly to Russia.

The funds are provided by EDB as a three-year revolving credit line. Under the project the holding will procure and export three harvests of flax and rapes.

"The project is in line with the EDB strategy, - Kambar Shalgimbaev said, Management Board deputy chairman and project managing director. – The project will stimulate the production of oil crops in Kazakhstan, which is not much developed at the moment. The project will as well strengthen trade and economical ties between bank member countries: Russian-Kazakh trade turnover is expected to add USD43 m in a year".

This is the third cooperation project for EDB and Holding KAZEXPORTASTYK. Earlier the Bank financed two investment projects in agricultural product processing for a total of USD37 m.

"We value the support of EDB. The opening of a credit line is evidence of the bank's trust to the company, and growing interests of international financial organizations to the Kazakhstan's agricultural sector" - said Igor Ermolenco, general director of Holding KAZEXPORTASTYK".