ArmInfo. The Eurasian Development Bank will support the Zangezur Copper and Molybdenum Combine's production capacity expansion program.
According to a statement from ZCMC's press service, the EDB will provide financing for the Zangezur Copper and Molybdenum Combine's production capacity expansion program. The corresponding loan agreement was signed by Sergey Ignatov, EDB Senior Executive Director and Head of the Bank's Projects Unit, and Nikolay Vedenin, Financial Director of the Zangezur Copper and Molybdenum Combine, during the EDB's annual meeting and business forum.
As part of the signed agreement, the Bank is providing ZMKK with a non-revolving credit line of $120 million. The funds will be used to implement the company's investment program, which includes increasing ore processing volumes as part of the company's long-term development program.
"The financing will be used to implement a program to improve the efficiency of the production cycle.
This reflects one of the EDB's key activities - participating in long-term financing of industrial modernization in the region, building on existing industrial potential," noted Sergey Ignatov.
"The financing raised will allow us to consistently implement our investment program, the goal of which is to increase ore processing volumes. This is an important step toward improving efficiency, technical re- equipping, and ensuring long-term sustainable development of production," noted Nikolay Vedenin.
