ADB, EBRD loan agreement signed in Astana
ASTANA. March 30. KAZINFORM /Kanat Kulshmanov/ A Loan Agreement with the Asian Development Bank (ADB) and European Bank of Reconstruction and Development (EBRD) has been signed today in Astana, Kazinform reports. Kazakh Minister of Finance Bolat Zhamishev, EBRD First Vice President Varel Freeman and Director of the ADB Representative Office in Kazakhstan Stephen Wermertsigned signed the Agreement. “We signed an Agreement on development of the transport Infrastructure and construction of “West Europe-West China” highway. The total cost of the project is KZT 804 bln. KZT 422.5 will be provided by foreign loans. In that amount KZT 2.125 bln are resources of the International Bank of Reconstruction and Development, USD 180 mln – EBRD, USD 700 mln – ADB, USD 414 mln – the Islamic Development Bank, USD 100 mln – Japanese International Cooperation Agency”, the Minister said. The funds of the EBRD (USD 180 mln) and the national budget (USD 32 mln) will be directed to the reconstruction and technical upgrade of the 102 km long highway. “We hope these loans will help upgrade the transport infrastructure of Kazakhstan. And it has big significance for the country’s economy”, B.Zhamishev said.