Asian Development Bank and European Bank for Reconstruction and Development sign an agreement to extend a loan to Kazakhstan
The agreement was signed by Kazakhstan’s Finance Minister Bolat Zhamishev, EBRD First Vice President Varel Freeman and Stephen Wermert, ADB Country Director of Kazakhstan.
An agreement to extend a loan to Kazakhstan was signed by the Asian Bank for Development and the European Bank for Reconstruction and Development in the capital of Kazakhstan, Astana; the ceremony of signing was held in the presence of Kazakhstan’s Prime Minister Karim Massimov.
The agreement was signed by Kazakhstan’s Finance Minister Bolat Zhamishev, EBRD First Vice President Varel Freeman and Stephen Wermert, ADB Country Director of Kazakhstan.
”We have signed an agreement to develop transport infrastructure and construct the West Europe – West China motor road. The total cost of the project is KZT 804 billion, with KZT 422.5 billion to be attracted as loans. KZT 2 billion 125 million of them will be a loan extended by the IBRD, USD 180 million will be extended by the EBRD, USD 700 million will be provided by the ADB, USD 414 million – by the Islamic Development Bank , USD 100 million – by the Japan International Cooperation Agency, the Finance Minister said.
The USD 180 million extended by the EBRD as well as USD 32 million allocated out of the state budget will be channeled to overhaul a 102-km motor road linking Aktobe to the Russia’s border. “We believe all these loans will enable to further develop Kazakhstan’s transport infrastructure, which is of great importance to the nation’s economy”, B. Zhamishev said.
The West Europe-West China motor road will totally make up 8445 km, with 2787 km running across Kazakhstan. The road is to be constructed within 2009-2012.
Kazinform
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