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World Bank to spend $1 billion on roads in Almaty oblast

03 мая 2012, 18:58
The World Bank has approved allocation of $1 billion for construction of roads in Almaty oblast, Tengrinews.kz reports citing the Bank.

“The Executive Board of the World Bank has approved the loan of $1.07 billion for implementation of East-West roads development project (Almaty-Khorgos) in Kazakhstan. The project is intended to increase transport efficiency at the part of the transport corridor Western Europe – Western China that goes through Almaty oblast, as well as to modernize the road management at the parts of the corridor,” the Bank’s press-service states.

The approved East-West roads development project is expected to provide effective transport communications between Almaty to Khorgos that is the main road crossing the border between Kazakhstan and China, and will, thus, complete the renewal of the Western Europe – Western China road corridor. “The project will allow to improve the road traffic conditions for 7.9 million people, almost a half of Kazakhstan’s population,” the Bank calculated.

Besides, the Executive Board of the World Bank Group discussed and approved a new Strategy of Partnership with Kazakhstan for 2012-2017. The strategy is aimed at rendering support to Kazakhstan government in implementation of the country’s development program through implementation of the highly-effective program intended for solution of such priority tasks as development of competitiveness and creation of jobs, improvement of state management quality by enhancing the accountability of state bodies and improvement of the services standards in state administration, as wells increasing the efficiency of environmental protection.

Besides, the International Financial Corporation (IFC) will support development of the private sector via investments and consultation services aimed at supporting the country’s economy diversification. Meanwhile, the Multirateral Investment Guarantee Agency (MIGA) will continue supporting Kazakhstan's financial and industrial sectors.

By Maksim Popov

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