An arm of the Islamic Development Bank (IDB) has lent US$10mn for the construction of an aluminium plant in Kazakhstan.
The borrower is Aluminium of Kazakhstan (ALKA), a joint-venture of Turkish-Kazakh heritage, and the project is to provide materials for the Kazakh building, automotive and solar PV panels.
The total project cost is US$22mn, with the rest of the finance to come in the form of equity. The debt comes from the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the IDB.
Khalid Al-Aboodi, CEO of ICD, says: “We are delighted to sign this agreement which we hope boosting the aluminum production, supply and trade. The project will also lead to creation of jobs, transfer of technology and promotion of sustainable practices.”