China and Russia to spend $400 million on Kazakhstan power plant

China and Russia will provide 400 million dollars for construction of Ekibastuz GRES-2 Power Plant in Kazakhstan, Tengrinews reports citing RIA Novosti.

Russia and China have signed an agreement to lend $400 million for construction of the third electric power generation unit at Ekibastuz GRES-2 Hydro Power Plant in Kazakhstan. Charmian of Vnesheconombank, a Russian state-run development bank for foreign economic activities, Vladimir Dmitriev and Governor of the China Development Bank Chen Yuan signed the credit agreement.

The construction project is estimated at more than $700 million. Vnesheconombank and the China Development Bank agreed to loan this amount.

Kazakhstan ratified the Treaty with Russia on construction and future use of the third electric power unit at Ekibastuz GRES-2 Power Station in January 2011. President Nursultan Nazarbayev signed the Treaty. The agreement to build the third electric power unit at the power plant was reached in 2010 at a meeting of the Presidents of Kazakhstan and Russia

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