The Asian Development Bank (ADB) has approved a USD240.3 million loan to help Kazakhstan modernize its transport system, the bank said on Monday.
Improved transport connectivity will improve trade links between Kazakhstan and the markets in East Asia, the Caspian Sea region, and further to Europe, the statement reads.
The project includes reconstruction of 299 km of a deteriorated section of the Aktobe–Makat road in the western part of the country and introduces a modern transport information system to increase road traffic safety and logistics effectiveness. It will also establish fast transportation links connecting Astana and Aktobe with the major oil and mineral–rich city of Atyrau, and the country’s only international commercial seaport in Aktau.
“The road is part of the Trans-Caspian Sea Transit Corridor Baku–Astrakhan–Atyrau–Aktobe–Aktau–Turkmen border, which connects Kazakhstan with Azerbaijan and Europe in the West, with Russia in the North, and with Turkmenistan in the South. It also links to the Central Asia Regional Economic Cooperation (CAREC) Corridor 1b at Aktobe and Corridor 6a at Makat, providing further access to the People’s Republic of China and Southeast Asia,” the bank said.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. It is owned by 67 members – 48 from the region. In 2015, ADB assistance totaled $27.2 billion, including cofinancing of $10.7 billion.
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