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EDB, NDB to provide $50m loan for construction of 50MW hydroelectric power plant in Karelia

Published 16 August 2017

The Eurasian Development Bank (EDB) and the New Development Bank (NDB) have agreed to provide $50m loan for the construction of 50MW hydroelectric power plants, Beloporozhskaya HPPs 1 and 2 in the Republic of Karelia, a federal subject of Russia.

These two projects will be implemented jointly with the International Investment Bank.

As per the loan agreement, the proceeds from the loan will also be used for improving environmental conditions and to strengthen social protection.

Such projects can include renewable energy, energy efficiency, sustainable water management, climate change, prevention of pollution and other initiatives. All these projects will be implemented in the territory of the Russian Federation.

EDB Assets and Liabilities managing director Dmitry Ladikov-Roev said: “EDB’s cooperation with the New Development Bank is important for the Russian economy. Financing the HPP construction in Karelia is the first small-scale power generation project of this calibre in Russia and the first project arranged by attracting funds from the BRICS Bank in our country.”

“Green projects are a key element of successful environmental policy implemented by the Government of the Russian Federation. This financing is also fully aligned with the mission and strategy of the EDB, acting as an environmentally responsible development institution.”

Eurasian Development Bank was established in 2006 by Russia and Kazakhstan with a capital of $7bn.

NDB was set up with an objective of financing infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.It will complement the efforts of other financial institutions.