Kazakhstan ratifies $1B Loan Agreement with IBRD

ASTANA. KAZINFORM - Head of State Nursultan Nazarbayev has signed the Law of the Republic of Kazakhstan "On ratification of the Loan Agreement (The first loan for financing of development policy in macro-economic management and increasing competitiveness of economy) between the Republic of Kazakhstan and the International Bank for Reconstruction and Development", the Akorda's press service reports.

The text of the law is to be published in the press.

"The Loan Agreement to the amount of $1 billion was signed between the Republic of Kazakhstan and the IBRD in accordance with the decree of the President of the Republic of Kazakhstan as of February 1. The World Bank will give $1 billion to Kazakhstan for financing of development policy in macro-economic management and increasing competitiveness of economy," said Minister of Finance Mr. Bakhyt Sultanov introducing the draft law on May 26 at the Senate.

According to him, the loan will be provided for the period of 20 years including two and a half years of grace period.