ADB injections into the Kazakh economy stand at over $2.5 billion

Kazakhstan plans to be a partner of the Asian Development Bank (ADB) to support developing countries, Newskaz.ru reports, citing the country’s PM Serik Akhmetov. “Kazakhstan plans to step away from its status of a recipient of free-of-charge technical assistance to become a partner of ADB to render support to developing nations”, he said when speaking at the 12th ministerial conference on economic cooperation in Central Asia held in Astana, Kazakhstan’s capital city. According to him, ADB has been playing a major role in modernizing Kazakhstan’s economy: “in the years of its presence in Kazakhstan, the Bank has channeled over $2.5 billion into the country’s economy”. “Our partnership features such large-scaled projects as West Europe – West China transit corridor to be a major route for freight traffic in Central Asia”, he said. In 2013 Kazakhstan has contributed over $ 5 million into the Asian Development Fund, a major instrument of concessional financing for the poorest member countries of the Asian Development Bank. “Donations to the Fund enable Kazakhstan to facilitate development of Central Asian states”, the PM emphasized. ADB, which has 67 member countries and territories including Japan and the United States, helps its developing members tackle poverty by providing loans, technical assistance and grants for a broad range of development activities.