(MENAFN- Trend News Agency)
BAKU, Azerbaijan, June 28. The Board of
Directors of the European Bank for Reconstruction and Development
(EBRD) has approved a new strategy for Kazakhstan, setting out the
Bank's priorities in the country for the next five years, Trend reports citing the
EBRD.
The strategic approach to operations in Kazakhstan will be based
on the following three pillars.
- Fostering private sector competitiveness, connectivity and
strengthening economic governance: the EBRD will promote
digitalisation of private companies, support state digitalisation
strategies and facilitate investments in smart technologies across
the municipal, transport and energy sectors. It will be financing
key infrastructure, including roads and railways, and help develop
alternative transport routes under the EU Global Gateway
initiative. The Bank will also work with the authorities to
strengthen the regulatory framework for public-private partnerships
(PPPs). In the financial sector the EBRD will concentrate on
providing finance and capacity building for local banks, enhancing
the use of the tenge overnight index average (TONIA) to promote
local currency lending and scaling up its
T rade Facilitation Programme.
- Supporting Kazakhstan's green pathway to carbon neutrality and
climate resilience: the EBRD will continue to finance renewable
energy projects and help integrate renewables into the national
power network. The Bank will support the development of a
decarbonised and climate-resilient energy system. Special attention
will be paid to the development of carbon markets, cleaner energy
generation and the reduction of air pollution. It will continue
supporting the authorities' drive to develop Paris Agreement
aligned strategies. The EBRD will finance and advise companies,
including small businesses, on decarbonisation and will support
green municipal and transport infrastructure projects.
- Promoting economic inclusion and gender equality through
private sector engagement: the EBRD will promote an inclusive and
diverse workforce, and support joint public and private sector
reviews of skills, including digital and green skills, to better
reflect labour market needs. It will work with Kazakhstan's
financial regulator to promote inclusive lending practices by
financial institutions, help build their capacity aimed at
inclusion and support women-led businesses. The Bank will be
providing financing for businesses in the regions of Kazakhstan,
improving intra-regional connectivity and supporting digital
solutions. The EBRD will also be working with various stakeholders
to promote corporate social responsibility activities in the
regions to improve the local business environment.
In 2022 the EBRD marks 30 years since Kazakhstan joined the
Bank. With more than US$ 10.3 billion invested in the country to
date, this is the largest and longest-running uninterrupted banking
operation of the EBRD in Central Asia.
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