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Kazakhstan President meets Sir Suma Chakrabarti of EBRD

24 january 2014, 09:55
Nursultan Nazarbayev. Marat Abilov©
Nursultan Nazarbayev. Marat Abilov©
Kazakhstan’s President Nursultan Nazarbayev met President of the European Bank for Reconstruction and Development (EBRD), Sir Suma Chakrabarti, at the World Economic Forum in Davos, according to the President’s Press Service.

“At the talks the sides dwelt on major mechanisms employed by the Bank to facilitate domestic and foreign investments. The sides broached a number of promising infrastructure projects [under way in Kazakhstan], notably financing of construction of the Almaty Ring Road”, the press-release reads.

President Nazarbayev highlighted the great contribution made by the Bank into the nation’s economy development.

“Sir Suma Chakrabarti expressed satisfaction with the current cooperation and emphasized that as of the end of 2013 the package of projects in Kazakhstan totaled about $450-500 million. He said the Bank is interested in boosting funds invested into the Kazakhstan’s economy. He emphasized that green economy projects account for 50% of all the Bank’s projects”, according to the press-release.

In January 2014 Kazakhstan ratified an agreement to borrow $54.5 million from the EBRD for 19 years to finance reconstruction of the 62-km-long road linking Zhibek Zholy border checkpoint at the border on neighboring Uzbekistan to the Shymkent-Tashkent road.

In summer 2013 EBRD had provided a loan of $142 million for 18 years (with a 4-year-long grace period) to finance reconstruction of the same road.

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