Josep Borrell welcomes multimillion MoUs inked between Kazakhstan, EU to boost connectivity

High Representative of the European Union for Foreign Affairs and Security Policy Josep Borrell shared his thoughts on the singing of the Memorandum of Understanding between the Ministry of Transport of the Republic of Kazakhstan and the European Investment Bank to the tune of €500 million, Kazinform News Agency correspondent Arnur Rakhymbekov reports from Brussels.

Borrell who addressed the Investors’ Forum for Transport Connectivity with the EU believes the MoU signed will facilitate economic convergence of Kazakhstan and the EU.

“Kazakhstan is the greatest and the most dynamic economy in Central Asia. It is the one that will have a stronger potential from the Trans-Caspian root. It’s the one that is more interested in building new infrastructures to boost connectivity, to be able to participate with its enormous economic potential in our relations. I’m happy that today the memorandum has been signed with the European Investment Bank that will provide €500 million in order to finance this infrastructure development. This will be the way for Kazakhstan to be in much better touch economically with the European Union,” Borrell told Kazinform correspondent.

In fact, the Central Asia-EU Investors Forum in Brussels saw the signing of two Memorandums of Understanding on transport connectivity and cooperation between Kazakhstan and the European Union. The first one was signed between Kazakh Transport Ministry and the European Investment Bank (EIB) to the amount of €500 million and the second one was inked between the Development Bank of Kazakhstan and the EIB totaling €320 million.

The Delegation of the European Union to the Republic of Kazakhstan revealed that the EU will help upgrade the transport sector in the Central Asian region. To that end, a whooping €3 billion will be mobilized for connectivity projects in the region.