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Asian Development Bank to lend Kazakhstan $125 million for Shymkent-Tashkent road repairs

02 октября 2013, 15:09
Tengrinews.kz file photo
Tengrinews.kz file photo
Kazakhstan will borrow $125 million from the Asian Development Bank to repair Shymkent-Tashkent section of the Western Europe-Western China international transit corridor, Tengrinews reports from the plenary meeting of the Kazakhstan Mailis (lower chamber of the Parliament).

“The length of the section financed by the Asian Development Bank is 37 kilometers. This Loan Agreement was signed on May 28, 2013 for the total amount of $125 million. The interest rate is LIBOR+0,4 percent, and there is a 3-year grace period. The loan is issued for 16 years,” Kazakhstan Minister of Transport and Communications Askar Zhumagaliyev said presenting the draft law On ratification of the Loan Agreement (Common Operations) for the project of reconstruction of Corridor 3 access road to Western Europe-Western China international transit corridor between Kazakhstan and the Asian Development Bank.

The Majilis has approved the draft law.

According to the Minister, the project will be implemented by 2015.

Zhunagaliyev said that Shymkent-Tashkent section financed by the Asian Development Bank will have a cement concrete coating and 4 lanes. A barrier will be installed in the middle of the road to prevent cars from driving into the wrong side of the road. The road will also have a transport junction and five flyovers.

According to the Ministry’s press-service, the works have been completed at 1,613 kilometers of the Kazakhstan section of the Western Europe-Western China international transit corridor since the start of the project. The plan is to open 806km of the roads in 2013. 698 kilometers of the road have been constructed already. Full completion of the Kazakhstan section and its launch is scheduled for 2015.

By Altynai Zhumzhumina

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