(MENAFN- Trend News Agency) ASTANA, Kazakhstan, March 19. The Prime
Minister of Kazakhstan Olzhas Bektenov has held a meeting with the
Chairman of the Board of the Eurasian Development Bank (EDB)
Nikolai Podguzov on the prospects for further expansion of
investment cooperation, Trend reports.
Bektenov stressed the significance of drawing capital to carry
out the President of State's extensive infrastructure projects,
which include building housing, modernizing housing and public
utilities, building road networks, and supplying gas.
"The funding of significant infrastructure projects ought to be
the bank's top priority. We are ready to expand cooperation with
the bank on mutually beneficial terms," Olzhas Bektenov said.
Nikolai Podguzov, in turn, provided an update on the financial
institution's stability. Thus, EDB has seen a $125 million increase
in revenue as a result of the actions taken. The bank's credit
rating has been kept at the highest level of the CCXI in the
Chinese market, "AAA," as well as the sovereign rating of
Kazakhstan, "BBB-" (S&P). Furthermore, the portfolio's quality
was enhanced and the proportion of past-due payments decreased.
The meeting attendees acknowledged the rise in Kazakhstan's
yearly investment share in EDB and underlined the possibility of
bolstering the bank's investment activities even further.
To note, last year EDB financed a number of investment projects
in various sectors of the national economy of Kazakhstan. Among
them were a plant for the production of polypropylene, the purchase
of mainline diesel locomotives, the construction of wind farms in
the Kostanay region, and others. Kazakhstan's share of annual
investments increased from 48.5 percent in 2022 to 59 percent in
2023.
This year, new EDB investments in the economy of Kazakhstan will
amount to at least $1 billion. The pool of priority projects for
the current year covers transport, industry, energy and
environmental improvement, agribusiness, as well as the
construction and modernization of social infrastructure.
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