Nordic Investment Bank sign agreement to fund projects in Kazakhstan

23 agreements worth $545 million, including the Framework Agreement between Kazakhstan and the Nordic Investment Bank (NIB)
Nordic Investment Bank sign agreement to fund projects in Kazakhstan
22 October 10:32 2018 Print This Article

 

The Framework Agreement was signed by NIB President Henrik Normann, General Counsel Heikki Cantell and Kazakh Minister of National Economy Timur Suleimenov.

The agreement aims to finance projects in Kazakhstan in the form of public-private partnerships, engage in investments such as corporate and sovereign loans and bank guarantees and create the conditions for technology transfer.

NIB can fund projects outside its membership region only if the country that signs an agreement recognises the bank’s status as an international financial institution. According to the Framework Agreement, Kazakhstan ensures the application of a non-discriminatory regime of taxation, customs and other issues related to NIB projects and contracts. The bank is to enjoy the full status of a legal entity in Kazakhstan, including the right to make contracts, acquire and dispose movable and immovable property and act as a party to legal proceedings. Its bonds, securities and other comparable financial instruments will operate under the regime of international financial institutions.

NIB is one of the biggest financial institutions of Scandinavia and the Baltics. It has 43 active agreements with countries around the world, of which 39 are framework agreements and four are memorandums of understanding.

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