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EBRD to finance energy efficiency project for KazakhstanTemirZholy (KTZ)

17 may 2011, 16:17
©Yaroslav Radlovsky
©Yaroslav Radlovsky
European Bank for Reconstruction and Development (EBRD) will help to raise energy efficiency of KazakhstanTemirZholy (KTZ) National Railways Operator. The Bank is ready to invest $100-200 million into the Company, Tengrinews.kz reports.

Today, May 17, Askar Mamin, Head of KTZ, and Thomas Mirow, President of the European Bank for Reconstruction and Development, are expected to sign an MoU on respective cooperation.

According to the Press Service of the Kazakhstan’s Company, this is going to be a long-term project to raise energy efficiency of the national railways operator. The document will also cover introduction of energy-saving technology.

According to KTZ, the sides negotiate an investment program worth $100-200 million. The money will go to introduce an automated fuel control system and use of alternative sources of energy.

For the last few years KTZ and EBRD have signed three agreements totally worth $350 million. The funds have been used to modernize the railways infrastructure.

European Bank for Reconstruction and Development (EBRD) has already invested into the Kazakh economy over $ 5 billion, Interfax – Kazakhstan quoted Finance Minister Bolat Zhamishev as saying May 5.

“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”, the Minister told a briefing.

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