EBRD Investing Considerable Amount In Kazakhstan To Realize Green Transition Program
Date
10/31/2024 9:11:19 PM
(MENAFN- Trend News Agency)
ASTANA, Kazakhstan, November 1. The EBRD
intends to invest €2 billion in Kazakhstan's Economy in the coming
years as part of the implementation of the green transition
program, Trend reports.
The discussion about this plan took place during a meeting
between EBRD President Odile Renaud-Basso and Kazakhstan's
President Kassym-Jomart Tokayev.
Odile Renaud-Basso arrived in Kazakhstan to participate in the
36th plenary session of the Foreign Investors Council.
During the meeting, the interlocutors discussed the prospects
for implementing a number of joint investment projects across
various sectors of the economy, including small and medium-sized
businesses, finance, housing and utilities, energy, medicine,
agriculture, transport infrastructure, and information technology.
The head of state highly appreciated the strategic nature of
cooperation with the European Bank for Reconstruction and
Development (EBRD) and its contribution to the progress of
Kazakhstan's economy.
In turn, the EBRD President shared plans for potential areas of
collaboration aimed at fostering sustainable growth, improving the
investment climate, and modernizing the country. She noted that the
bank is closely examining investment projects in Kazakhstan and
expressed interest in further supporting infrastructure
development. The EBRD plans to invest $650 million in Kazakhstan
this year to implement 22 projects.
The EBRD President also gave a positive assessment of the
procurement process at Samruk-Kazyna, noting that creditor
companies conduct procurement according to the fund's rules,
indicating trust in its procurement processes and their
transparency. Kassym-Jomart Tokayev and Odile Renaud-Basso also
exchanged views on pressing issues of global economic
development.
In 2022, the EBRD marked 30 years of cooperation with
Kazakhstan. The Board of Directors approved the new country
strategy for the EBRD in Kazakhstan for 2022-2027 on June 22, 2022,
outlining work in three main areas:
Enhancing the competitiveness and interconnectedness of the private
sector; Supporting Kazakhstan on its path to green development
toward carbon neutrality and climate resilience; Promoting economic
integration and gender equality through private sector
participation.
To date, the total investment by the EBRD in Kazakhstan since
its inception in the country has reached approximately €10 billion
across 312 different projects. Currently, the EBRD's portfolio in
Kazakhstan includes 113 projects totaling €2.8 billion, with the
main portfolio concentrated in the sustainable infrastructure
sector (70 percent). Investments in the private sector have reached
46 percent.
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