EBRD Plans To Double Investments In Kazakhstan's Economy In 2024

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, July 7. The European Bank for Reconstruction and Development (EBRD) plans to double the volume of investments in the Economy of Kazakhstan, Hüseyin Özhan, the Acting Managing Director of EBRD for Central Asia, said, Trend reports.

He made the remark during a meeting with Deputy Prime Minister and Minister of National Economy of Kazakhstan, Nurlan Baibazarov.

"This year, the bank plans to at least double the volume of investments in the economy of Kazakhstan. The EBRD is working on a major project with Kazakhstan Electricity Grid Operating Company (KEGOC), which will help improve the reliability of electricity supply in the west of the country. Previously, the largest territorial project was signed - the construction of new treatment facilities in Aktobe; funds were allocated for the construction of new production facilities of the leading producer of table salt, Araltuz JSC, as well as to support women and youth entrepreneurship," he said.

As he noted, in June 2024, a new passenger terminal at Almaty Airport opened ahead of schedule, the construction of which was also financed by the EBRD. The bank also took part in the IPO of the national airline Air Astana.

In turn, Baibazarov noted that Kazakhstan intends to expand cooperation with the EBRD, both at the country and regional levels, and also supports the bank's desire to invest in the private sector.

"Our country is ready for mutually beneficial work with the EBRD to attract investments for the implementation of projects in energy, transport, and logistics, the development of renewable energy sources, and private business," he noted.

Furthermore, the EBRD's current project portfolio in Kazakhstan reaches 2.8 billion euros as of February 29, 2024, based on the implementation of 119 active portfolio projects.

In addition, the bank has invested about 10 billion euros in 317 projects in Kazakhstan. Kazakhstan is the EBRD's largest and longest-running Central Asian banking business.


Trend News Agency

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