Nazarbayev signs $95 million loan from Asian Development Bank

Nursultan Nazarbayev has signed a Law On ratification of the Loan Agreement (Ordinary operations) (CAREC Corridor 1 (Bypass Taraz) (International transit corridor Western Europe-Western China) between Kazakhstan and Asian Development Bank, Tengrinews.kz reports citing Kazakhstan President’s official website. According to the statement of the Parliament Commission on Economic Development and Entrepreneurship, Kazakhstan is borrowing the money from Asian Development Bank for reconstruction of the existing 7.7km two-lane road section of the second technical category to upgrade its category to the one with slab concrete pavement and four lanes, as well as for construction of a new 57.4km section bypassing Taraz. These two sections are parts of the Western Europe-Western China corridor. Asian Development Bank is loaning Kazakhstan $95 million. The pay-back period is 20 years, including a 4-year grace period. The commission for the obligation equals to 0.15 percent per year. “Kazakhstan’s co-financing will not exceed $17 million. The funds from the state budget will be allocated to co-finance the construction works, as well as for tax payment,” the statement writes.