EBRD’s investments in Kazakhstan exceed €700 mln – Chakrabarti

ASTANA. KAZINFORM Head of the European Bank for Reconstruction and Development Suma Chakrabarti made a report about the EBRD's activity at the meeting of the Presidential Foreign Investors Council held today in Astana.

According to Chakrabarti, the EBRD invested over €120 mln in agriculture and food stuffs production in Kazakhstan, while the overall amount of the organization’s investments in our country exceeds €700 mln.

“Kazakhstan is our fourth largest market out of 36 ones we are working on. These investments, of course, are provided under the reforms launched by President Nursultan Nazarbayev,” noted he.

Besides, as Suma Chakrabarti added, EBRD actively invests in stock exchanges of Istanbul, Moscow, and informed of its interest in support of the Astana International Financial Centre.

“We believe that the Astana IFC must serve as an anchor conducting reforms and developing domestic financial sector. Some financial centres, like Dubai, decided to separate their activity from the internal financial sector. But we believe that the Astana IFC and domestic market must develop together and we will work on this together with you,” he noted.

According to him, the EBRD will assist the Astana IFC in establishment of regulation frameworks, strategies and other elements, as per the bilateral memorandum.

“This memorandum will help us establish adequate regulation frameworks in such sectors as capital market, currency market and corporate management. Our experts have already held seminars with the Astana IFС on development of stock exchange and capital markets. A half of our financing procedures in Kazakhstan are carried out in national currency,” highlighted the EBRD President.

Suma Chakrabarti assured that a team of EBRD experts will move to the EXPO town as soon as possible.