The Eurasian Development Bank (EDB) has allocated new financing to the Zangezur Copper-Molybdenum Combine CJSC, which operates in Armenia, with the aim of expanding the enterprise's production capabilities.
According to the Operative Information Center-OMM, the EDB has provided a credit line of $120 million to the Zangezur Copper-Molybdenum Combine CJSC. The relevant credit agreement was signed during the bank's Annual Meeting and Business Forum.
According to the report, the document was signed by EDB Managing Director Sergey Ignatov and the combine's Chief Financial Officer, Nikolay Vedenin.
It is reported that the allocated funds will be directed toward a project to increase the enterprise's production capacity. The project aims to increase ore processing volumes, improve the efficiency of mineral resource base utilization, stabilize copper and molybdenum production, and expand export potential.
EDB Managing Director Sergey Ignatov stated that this project aligns with the bank's strategy for long-term financing of industrial modernization in the region. The combine's CFO, Nikolay Vedenin, emphasized that the agreement is of significant importance for the technical renewal and operational efficiency of the enterprise.
The Eurasian Development Bank is an international financial institution established in 2006 to promote economic growth and integration among its member states. The bank's membership currently includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan. The EDB has previously announced its intention to invest in Armenia's tourism and logistics sectors as part of its broader regional development strategy.
