The Eurasian Development Bank (EDB) will provide financing for an expansion programme at Zangezur Copper-Molybdenum Combine (ZCMC).

According to Zangezur Copper-Molybdenum Combine, the relevant loan agreement was signed by Sergei Ignatov, EDB Senior Managing Director and Head of the Project Unit, and Nikolay Vedenin, Chief Financial Officer of Zangezur Copper-Molybdenum Combine, on the sidelines of the bank’s Annual Meeting and Business Forum.

Under the agreement, the EDB will provide ZCMC with a non-revolving credit facility of $120 million. The financing will support the company’s investment programme, which envisages increasing ore processing capacity as part of its long-term development strategy.

“The financing will support a programme aimed at improving the efficiency of the production cycle. This reflects one of the EDB’s key priorities – providing long-term financing for industrial modernisation in the region by building on existing industrial potential,” Ignatov said.

“The financing will allow us to consistently implement our investment programme aimed at increasing ore processing volumes. This is an important step towards improving efficiency, upgrading technical capabilities and ensuring the long-term sustainable development of production,” Vedenin said.