Kazakhstan amends agreement to expand geography of EBRD operations to Sub-Saharan Africa and Iraq

The lower chamber (Majilis) of the Kazakh Parliament has ratified the Amendment to Article 1 of the Agreement Establishing the European Bank for Reconstruction and Development to enable a limited and incremental expansion of the geographic scope of the Bank’s operations to Sub-Saharan Africa and Iraq, Kazinform News Agency reports.

As Minister of Finance Madi Takiyev said presenting the bill, the EBRD is an international financial organization uniting 72 countries and two international structures. Its mission is to support and contribute to the development of emerging economies.

“The Bank proposed to expand the scope of its operations to Sub-Saharan Africa and Iraq. The Amendment to Article 1 of the Agreement Establishing the EBRD was approved by the Resolution No260 of the Board of Governors as of May 18, 2023," said Madi Takiyev.

According to him, this amendment aims to expand the international economic cooperation between the EBRD member states and the countries-recipients of its services. 

He assured that the expansion of the geographic scope of the Bank’s operations will not affect its ability to support the countries receiving its services.

"The ratification of the agreement will not entail any negative socio-economic or legal consequences for Kazakhstan and will not require additional budget allocations," he emphasized.

He reminded that Kazakhstan is one of the founders and shareholders of the EBRD.

“Kazakhstan’s share in the Bank’s capital is 0.23%. The ratification of the document will let the EBRD expand its activity and enhance international economic cooperation,” he added.

Earlier, during her visit to Kazakhstan, EBRD President Odile Renaud-Basso said the Bank plans to invest €2 billion in Kazakhstan’s economy under the Green Economy Transition approach. This year, the EBRD will invest $650 million in Kazakhstan to implement 22 projects.