Senate ratifies loan agr't between Kazakhstan and ADB
ASTANA. October 22. KAZINFORM. /Muratbek Makulbekov/ The Senate of the Kazakh Parliament has adopted the law "On ratification of the loan agreement (countercyclical support) between the Republic of Kazakhstan and the Asian Development Bank" at its plenary sitting today. Kazakh Finance Minister Bolat Zhamishev introduced the document and noted that the agreement was signed in Astana on September 14, 2009. "The purpose of the Countercyclical Program is to reduce the influence of the world financial crisis and support the ADB's member states", B. Zhamishev said. According to the Minister, ADB will extend Kazakhstan a loan of USD 500 million for a five-year term, including a three-year grace period for the principal repayment. He also informed that "the funds will be allocated in the form of a single tranche after the agreement comes into force". The loan will be used for financing of the republican budget deficit.