US state creditors have decided not to allocate $1.6 billion for a project to develop the largest tungsten deposits in Kazakhstan.
Reasons for refusal and deal participants
According to Bloomberg, the financing process was halted due to creditors' concerns regarding the economic efficiency of the planned operations. Additionally, high geopolitical risks became a significant obstacle.
The decision involved the US Export-Import Bank and the International Finance Corporation (IFC), headquartered in Washington. The project involved cooperation with Cove Kaz Capital Group.
Context
The matter concerns the development of tungsten resources in Kazakhstan. The US side in the negotiations included the Export-Import Bank and the International Finance Corporation, founded in 1956.
