Kazakhstan, EDB Discuss Prospects For Further Expansion Of Investment Co-Op

(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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