EBRD considers financing motor road projects in Kazakhstan

European Bank for Reconstruction and Development (EBRD) plans to finance motor road projects in Kazakhstan, Press Service of the Transport Ministry reports. According to the Press Service, August 25 Transport Minister Berik Kamaliyev met Michael Weinstein, EBRD Director for Kazakhstan. During the talks the sides dwelt on motor road projects in Kazakhstan. Notably, they considered financing reconstruction of Tashkent – Shymkent, Almaty – Khorgos motro roads, as well as construction of the Big Almaty Ring Road. The project to reconstruct the 102-km-long Tashkent – Shymkent – Zhambyl oblast is estimated at $513.6 million. Reconstruction of the 304-km-long Almaty-Khorgos motor road is estimated at $1.1 billion. The Big Almaty Ring Road (69.85 km) will cost $599.3 million. European Bank for Reconstruction and Development (EBRD) has already invested into the Kazakh economy over $ 5 billion, Interfax – Kazakhstan had quoted Finance Minister Bolat Zhamishev as saying early May. “If we take into account additional funds attracted through the Bank’s partners, the overall figure stands at over $14 billion, with $6.5 billion injected into the infrastructure, $3 billion in the banking sector, $2 billion in power generation and environment projects, and over $2.5 billion into industrial and agriculture projects. In the current year EBRD plans to invest into our economy a total of $1 billion. The Bank’s current obligations to invest into Kazakhstan in future to finance projects in various sectors make up $2.8 billion Euro”, the Minister told a briefing in Astana at that time. Astana was hosting EBRD annual meeting May 20-21.