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Asian Development Bank (ADB) is developing a strategy of cooperation with Kazakhstan

04 november 2011, 14:54
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PM Karim Massimov meeting Vice President of Asian Development Bank Xiaoyu Zhao. Photo courtesy of pm.kz
PM Karim Massimov meeting Vice President of Asian Development Bank Xiaoyu Zhao. Photo courtesy of pm.kz
Asian Development Bank (ADB) is developing a strategy of cooperation with Kazakhstan, Tengrinews.kz reports, citing the Prime Minister Karim Massimov’s website.

November 4 PM Massimov met Mr. Xiaoyu Zhao, the Vice-President of ADB.

The sides dwelt on drafting the strategy of cooperation between Kazakhstan and the Bank for 2012-2016. Mr. Xiaoyu Zhao informed PM Massimov that the Bank had started drafting the strategy, the statement reads.

They also discussed joint transport projects, including the West Europe – West China motor corridor [2 787 km of the West Europe – West China transport corridor will run across Kazakhstan, notably across Aktyubinsk, Kyzylorda, South Kazakhstan, Zhambyl and Almaty oblasts].

May 12 Kazakhstan’s Prime Minister had had another meeting with Asian Development Bank's (ADB) Vice-President Xiaoyu Zhao. Following the talks, Mr. Massimov wrote in his Twitter account that Asian Development Bank would be holding its annual sitting in Astana in 2014.

In May Kazakhstan’s Government, Damu Small Entrepreneurship Development Fund and Asian Development Bank signed a framework agreement worth $500 million to support small and middle-sized business in Kazakhstan. According to the agreement, Damu Small Entrepreneurship Development Fund was to receive the first tranche worth $150 million before the end of May 2011. The loan was provided for five years.

Asian Development Bank had carried out due diligence procedures to define partners for the program. Kazkommertsbank, CenterCredit and Alliance banks have been designated as partners.

ADB was established in 1966 under the Agreement Establishing the Asian Development Bank (Charter), which is binding upon the member countries that are its shareholders. As of 31 December 2010, ADB had 67 members, of which 48 were drawn from Asia and the Pacific region.

ADB is headquartered in Manila, Philippines and has offices worldwide including representative offices in North America (Washington, DC), Europe (Frankfurt), and Japan (Tokyo). ADB's mission is to help its developing member countries reduce poverty and improve living conditions and quality of life.

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