Kazakhstan to pay $20bln to Russia for its stake in EDB

Finance Materials 17 January 2023 11:11
Astana, Kazakhstan KazInform
Kazakhstan to pay $20bln to Russia for its stake in EDB

On the sidelines of the Government’s weekly sitting today, Deputy Prime Minister – Minister of Finance Yerulan Zhamabayev answered mass media’s questions in regards to the purchase of Russia's share in the Eurasian Development Bank's charter capital by Kazakhstan, Kazinform reports.

According to him, the agreement on transfer of Russia’s stake in the EDB will be ratified in 2023. In his words, Kazakhstan will pay close to 20 billion tenge, around 5 billion tenge per year, to Russia.

«Payments will start in 2024. We broke the payment down by 3-4 years, to prevent any burden on the national budget,» he said.

On January 16, 2022, the EDB Council announced it had unanimously approved redistribution of the charter capital between the participating states on December 30, 2022.

321,151 shares of Russian portfolio will be equally distributed between other participating countries. As a result, Russia’s share in the EDB will decrease from 65.9761% to 44.7878%, while Kazakhstan’s share will increase from 33% to 37.2%.