The EDB is rapidly increasing its investment in Kazakhstan

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October 3, 2023
1:32 am

The Eurasian Development Bank’s (EDB) investment in Kazakhstan over the first two years of its 2022–2026 Strategy may surpass the target by 70%, reaching over US $2.2 billion. This announcement came during a meeting between Alikhan Smailov, Prime Minister of Kazakhstan, and Nikolai Podguzov, Chairman of the EDB Management Board.

Nikolai Podguzov highlighted that Kazakhstan accounts for the largest share of EDB-funded investment. The Bank has already implemented 104 projects across various sectors, worth US $5.6 billion. These projects include solar and wind power generation facilities, the modernisation of manufacturing enterprises, initiatives in the chemical sector, co-generation plants, street lighting networks, railway fleet upgrades, the development of agricultural companies, and the construction of airports and gas pipelines.

June 2023 marked the inauguration of the the Big Almaty Ring Road (BAKAD) built with EDB funding in partnership with the European Bank for Reconstruction and Development and the Islamic Development Bank. The EDB, in collaboration with international partners, is currently financing the expansion and modernisation of Almaty Airport. Other promising projects include the construction of the Ayagoz–Bakhty railway and a new border crossing on the Kazakhstan–China border. The new infrastructure is anticipated to increase freight traffic by 20 million tonnes per year.

Additionally, the Bank plans to participate in the reconstruction and expansion of the Astrakhan–Mangyshlak water pipeline. Due to the high social significance of this project, the EDB is considering offering special financing conditions.

Alikhan Smailov commended the EDB’s important role in the country’s infrastructural development and emphasised that its approach aligns with Kazakhstan’s national development goals.

Additional Information:

The Eurasian Development Bank is an international financial institution promoting integration and development in its member countries. For more than 17 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. The EDB’s charter capital totals US $7 billion. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering. The Bank’s operations are guided by the UN Sustainable Development Goals and ESG principles.