EBRD to develop Kazakhstan projects through MRIF
ST. PETERSBURG. June 5. KAZINFORM /Yelena Myagkova/ The European Bank for Reconstruction and Development (EBRD) will invest up to USD 100 mln in the first infrastructure fund set up to implement projects in Russia, Ukraine, Kazakhstan; Kazinform reports. The EBRD representative announced it at the St.Petersburg International Economic Forum. Such announcement was made after Vnesheconombank’s (VEB) decision to invest USD 200 mln in the infrastructure fund. The total volume of the EBRD investments in these three countries makes up about USD 4.5 bln in this sector of economy. Other main investors of the Macquarie Renaissance Infrastructure Fund are the International Finance Corporation (the World Bank's private sector-oriented affiliate) and Kazyna Capital Management (a subsidiary of Kazakhstan's National Welfare Fund). According to EBRD President Thomas Mirow, in the current crisis the fund will play a crucial role in vital infrastructure modernization in the three largest economies of the former Soviet Union and other the CIS states. At present the EBRD investments in the transport and municipal infrastructure of these three countries form over EURO 3.2 bln: Kazakhstan – EURO 420 mln, Russia – EURO 1.96 bln, Ukraine – EURO 850 mln.