EBRD to double its investment in Kazakhstan economy

EBRD to double its investment in Kazakhstan economy
Photo credit: gov.kz

Deputy Prime Minister – Minister of National Economy Nurlan Baibazarov had a meeting with Hüseyin Özhan, Acting Managing Director of the European Bank for Reconstruction and Development for Central Asia and Mongolia. The sides discussed the state of the current projects and EBRD’s plans on financing new ones, having noted an important role of investment attracted to ensure sustainable socio-economic development of the country, Kazinform News Agency reports citing the press service of the Kazakh Government.

Hüseyin Özhan said the EBRD planned  to double its investment in Kazakhstan in 2024. Together with KEGOC (Kazakhstan Electricity Grip Operating Company), the EBRD is working on a large project which can help ensure power supply reliability in the country’s west.

EBRD to double its investment in Kazakhstan economy
Photo credit: gov.kz

Previously, the sides agreed on implementation of the largest territorial project - construction of new sewage treatment facilities in the city of Aktobe. Funds were allocated to enhance the capacities of the country’s leading salt producer - JSC Araltuz, as well as to support women and youth entrepreneurship. In June 2024, a new passenger terminal started operating at the Almaty Airport. Its construction was also financed by the EBRD. The EBRD even acquiared  a minority stake of 5% of Kazakhstan’s flagship carrier Air Astana.

According to Nurlan Baibazarov, Kazakhstan intends to expand cooperation with the EBRD both at the country and regional levels and supports the EBRD’s aspiration to invest in private sector.

EBRD to double its investment in Kazakhstan economy
Photo credit: gov.kz

“Our country is ready for mutually beneficial work with the EBRD to attract investment for the implementation of energy, transport-logistics, RES and private business projects,” the Vice Prime Minister noted.

EBRD has channelled €10.2 billion of investments in 324 projects in Kazakhstan to date. Currently, the EBRD’s portfolio in Kazakhstan includes 121 projects worth €2.9 billion. 

 

 

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