Eurasian Development Bank invest US $1 billion in Kazakhstan in 2016

EDB approved projects for 2016 worth over US $ 1 billion to be realized in Kazakhstan
Eurasian Development Bank invest US $1 billion in Kazakhstan in 2016
15 February 10:55 2016 Print This Article

The Management Board of the Eurasian Development Bank (EDB) approved several projects in Kazakhstan intending to invest over US $1 billion in the Republic before the end of 2016, reports the bank on its website

In particular, the EDB approved project to finance KazTransGasAimak’s gasification and upgrade programme in Aktobe and Mangistau Regions of Kazakhstan. The loan will total US $128.2 million (in the tenge equivalent) and will be provided for ten years. Taxes and other compulsory payments over the lending period is estimated to approximate US $200 million. The project is expected to create 236 jobs.

What is more, the EDB approved a blueprint for the project to construct the Almaty Big Ring Road (BAKAD) proposed by the Ministry of Investments and Development of Kazakhstan. BAKAD is a public-private partnership project in the road sector piloted by the minister. The bank considers to invest US $100 million in the pilot project.

It also approved a blueprint for the project to construct a full-cycle automobile factory and a technology park to produce car components in Oskemen by Asia Auto Kazakhstan. An eleven-year loan is expected to amount US $181.89 million. The project will help to promote sustainable economic growth and is of significant socioeconomic importance. Preliminary estimates suggest it will create 4,000 jobs at the factory and over 8,000 jobs at related enterprises.

Another projects approved by the EDB concerned metallurgy and mining industries. The proposed ten-year loan will total US $100 million. The projects will help to develop single metallurgy markets and strengthen trade and economic ties between the Bank’s member states.

There are another 8 projects in the transport and municipal infrastructure sectors worth over US $ 600 million to consider by the EDB in 2016.

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