MMK agrees with Kyrgyz metal trader on annual supplies worth 6 bln rubles

CHOLPON-ATA. Aug 14 (Interfax) - PJSC Magnitogorsk Iron and Steel Works and the Kyrgyz company Metall Torg Servis LLC have signed a memorandum on the supply of metal products worth 6 billion rubles per year.

The signing ceremony took place as part of the 7th Kyrgyz-Russian Economic Forum in the presence of Russian Deputy Prime Minister Alexei Overchuk and Kyrgyz First Deputy Prime Minister Daniyar Amangeldiev.

Simultaneously, an agreement on short-term financing of metal product supplies from Russia worth $10 million was signed between the Russian-Kyrgyz Development Fund (RKDF) and Metall Torg Servis.

Bilateral agreements were also signed in the fields of transport, energy, industry and agriculture. In particular, the Eurasian Development Bank (EDB) and the RKDF agreed on joint financing of investment projects totaling $35 million.

An agreement was signed among the RKDF, EDB, Eldik Bank, and JSC Airports of Kyrgyzstan to finance the purchase of aircraft for the country's airports for $55 million. In addition, Russia and Kyrgyzstan agreed on the supply of the electric cruise ship Ekovolt with the RKDF's participation, with the contract amounting to $2.8 million.

The RKDF also concluded a loan agreement with Kyrgyz Ekoprodukt Asia LLC to finance the construction of a dairy processing complex worth $5.4 million.

"The total volume of investment supported by the fund [RKDF] during its operation is approaching $900 million. More than 3,600 projects are being implemented in Kyrgyzstan with the fund's support, including not only small and medium-sized businesses but also large businesses seeking the fund's assistance," Overchuk told journalists regarding the signing of the agreements.

In total, agreements worth over $270 million are expected to be signed following the Kyrgyz-Russian Economic Forum.