Chinese banks commit $2.5 billion to Kazakh-based Eurasian Resources Group for assorted mining projects

$2.5M USD

Funder	Unspecified Chinese Government Institution
Recipient Organization	Kazakhstan
Country	Kazakhstan
Start Date	Aug 31, 2015
End Date	Jul 21, 2032
Duration	6,169 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`53931`

Grant Description

On August 31, 2015, China Development Bank signed an agreement with Eurasian Resources Group, a privately-held Kazakh mining corporation.

In September 2015, the Eurasian Resources Group secured funds worth $2.5 billion from Chinese banks for new projects in Africa and Kazakhstan. $2 billion of these funds are earmarked for Kazakh projects in aluminum, iron ore and power sectors. There are no details on how the funds will be dispersed or how/when the projects will be constructed.

Benedikt Sobotka, Chief Executive at ERG claimed the deals were part of the "One Belt, One Road" initiative.

📋 Staff Comments

This project is linked to ID #53932

📚 Sources & References

Meeting of Kazakh
Chinese leaders promotes for broader cooperation between two countries
ERG taps China for more than $2.5bn of new project financing Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.