(MENAFN- Trend News Agency)
ALMATY, Kazakhstan, July 2. Kazakhstan has
extensive transit opportunities that need to be used effectively,
ex-chairman of the National bank of Kazakhstan, Advisor to the
Chairman of the Board of the Eurasian Development Bank (EDB),
Grigory Marchenko, told Trend on the sidelines of the EDB Annual
Meeting and Business Forum in Almaty.
"We are not just supporting transport projects in Kazakhstan.
This is one of the main directions of our activities. We call it a
transport backbone. It involves both the North-South and the
East-West corridors. Speaking of Kazakhstan, the country's broad
transit opportunities must be effectively utilized.
Regarding the North-South direction, one route goes through
Russia and Azerbaijan, and another through Kazakhstan and
Turkmenistan. Therefore, we believe that having multiple corridors
provides alternatives in cases where issues arise on one route.
There are also corridors to the Baltic Sea through the
territories of Kazakhstan and Russia and a corridor through the
South Caucasus, which we have been discussing for a long time," he
pointed out.
According to him, EDB believes that all these transport
corridors need to be developed.
"It's because they handle huge volumes of trade with East Asia,
namely China, Korea, and Japan, as well as with Western Europe. The
more of this traffic we (Kazakhstan) can attract, the more both we
and you (Azerbaijan) will benefit financially. In this regard, the
development of the Eurasian transport backbone is one of the main
strategic tasks of our bank. That's why we support and participate
in such projects," Marchenko explained.
He also mentioned that the financing volume for such large
projects is substantial, so various co-financing schemes are
possible with development banks and international financial
institutions, including the World Bank, Asian Development Bank, and
European Bank for Reconstruction and Development.
"For example, we have implemented two major projects jointly
with other international financial institutions, such as the Almaty
Airport and BAKAD (Big Almaty Ring Road). In general, very large
projects always involve a consortium of international, regional, or
national banks for project financing," he added.
To note, the EDB is an international financial organization that
carries out investment activities aimed at developing economies,
trade and economic relations, and integration processes in the
countries of the Eurasian region.
MENAFN02072024000187011040ID1108397788
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.