EDB set to invest at least $1bn in Kazakhstan this year

Prime minister of Kazakhstan Olzhas Bektenov held a meeting with chairman of the board of the Eurasian Development Bank Nikolay Podguzov on further expansion of investment cooperation, Kazinform News Agency cites the press service of the Kazakh prime minister.

Last year, the Bank financed a number of investment projects in different sectors of the Kazakh economy, including a polypropylene plant, procurement of main diesel locomotives, construction of wind power plants in Kostanay region, and so on. The share of the country in terms of annual investments rose from 48.5% in 2022 to 59% in 2023.

The Eurasian Development Bank is to invest in Kazakhstan at least one billion US dollars this year. The pool of priority projects for 2024 encompasses sectors such as transport, industry, energy and environmental improvement, agro-industrial complex, as well as construction and modernization of social infrastructure.

During the meeting, the Kazakh premier stressed the importance of attracting investments in carrying out large-scale infrastructure initiatives of the Head of State in road network, housing construction, housing and public utilities modernization and gasification.

For his part, Podguzov informed about the financial institution’s stability. So, as part of its measures, the Eurasian Development Bank achieved positive financial result in the amount of 125 million US dollars. The Bank’s credit rating was maintained at par with the sovereign level of Kazakhstan BBB- (S&P), as well as was given the highest AAA rating by CCXI in the Chinese market.

During the meeting, the potential for further enhancement of the Bank’s investment activity was highlighted.