Kazakhstan to pay Russia over $43 mln for 4.2% stake in EDB

Kazakhstan will pay Russia about 20 billion tenge or just over $43 million for a 4.2% stake in Eurasian Development Bank (EDB), Deputy Prime Minister and Minister of Finance Yerulan Zhamaubayev said.

"The total cost is about 20 billion tenge, up to 5 billion tenge in annual payments - we've broken it up into three or four years so as not to put pressure on the budget," Zhamaubayev told journalists when asked about the cost of Russia's 4.2% stake in EDB.

Kazakhstan's expenses associated with the payment for this stake will be included in the government budget for 2024, he added.

The increase in Kazakhstan-owned interest in EDB will lead to a rise in the number of investment projects that will be carried out in Kazakhstan, according to Zhamaubayev.

"Firstly, Kazakhstan's share will increase here. In fact, we are the second largest player in the EAEU [Eurasian Economic Union]. It is important for Kazakhstan to hold a higher interest in this bank, for a larger number of investment projects will be implemented in Kazakhstan. Secondly, this will help avoid some of the Western sanctions," he said.