ADB to invest up to $1.6 bln in Kazakhstan
Almaty. September 21. Kazakhstan Today - The Asian Development Bank is to invest up to $1.6 billion in Kazakhstan's transport, energy and municipal infrastructure sectors. Funding has also been allocated for the country's finance sector.
According to Devex.com, these are the four priorities outlined in the 2012-2016 country partnership strategy that ADB and Kazakhstan has recently agreed upon. The strategy aims to support both Kazakhstan's national development strategy, which focuses on economic diversification, and ADB's Strategy 2020, the bank's long-term blueprint that support inclusive growth, sustainable development and regional integration.
In its plans for Kazakhstan's transport sector, ADB said it will continue helping rehabilitate the country's transportation networks, particularly railways and roads covered by the Central Asia Regional Economic Cooperation Program. The strategy estimates a $605 million investment in this sector between 2012 and 2014.
Meanwhile, ADB expects to invest up to $110 million in Kazakhstan's energy sector in 2012-2014. This will be used primarily to replace old energy infrastructure and technologies as well as help Kazakhstan explore the use of clean energy.
For the development of municipal infrastructure, including urban transport and water and sanitation facilities, the strategy estimates investments worth $300 million.
The $100 million allocated for the finance sector will be used to strengthen small and midsize enterprises' access to finance as well as to facilitate trade and invest in related infrastructure, the strategy notes.
Assistance outlined in the strategy will be deployed through various channels. ADB will provide loans and other types of financing to the private sector, the government and through public-private partnerships. Technical assistance, particularly to support institutional reforms, will also be available.
Kazakhstan is ADB's 12th highest borrower. It has received $2.34 billion worth of loans from the bank since becoming a member in 1994. More than 50 percent of these loans are for the transport and information and communication sector.
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The Head of State has identified deep processing of hydrocarbons as one of the key areas of development of the oil and gas sector. The priority for our economy is high conversion production producing products with a rapid increase in added value in the technological chain with an export orientation. The added value between the initial feedstock ethane and the third conversion product polyethylene increases 20 times, from $80-90 to $1600-1800 per tonne. The Polyethylene project will certainly give a serious impetus to the development of both the manufacturing industry and the country's economy as a whole. According to experts' calculations, the contribution to the country's GDP by 2030 from the implementation of the project is estimated at approximately 1.2%," Olzhas Bektenov said.
We on the part of the state provide comprehensive support in the implementation of projects important for the country's economy. At the same time, we expect you to increase the share of local content. For this purpose, it is necessary to determine the list of goods and equipment that will be mandatorily purchased from domestic producers. Special attention should be paid to training of Kazakhstani specialists and transfer of competences. It is important for us to maximise the attraction of local personnel, including for management positions in the project. We count on a similar approach in the implementation of other joint projects," Prime Minister emphasised.
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National Bank of Kazakhstan maintains base rate at 14.75%
Annual inflation in February and March continued to decrease, albeit at a slower pace. Inflation expectations have slightly decreased but remain at a relatively high level. The external inflation background continues to be neutral with the ongoing trend of declining grain prices in global markets. Within the domestic economy, inflationary pressure persists due to robust internal demand and unanchored inflation expectations," reads the bank’s official statement.
In the current circumstances, there is still limited room for easing monetary policy. This space will begin to form with the stable reduction of the stable part of inflation," it said.
Monthly inflation slowed down in March to 0.7% after a spike in the previous month (1.1%), forming above the average historical values (0.6%). A similar dynamic is observed for the indicators of core and seasonally adjusted inflation - a significant reduction in March after a sharp acceleration in February," said the bank.
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In the European Union, the trend towards slowing inflation continues against the backdrop of the European Central Bank's restrictive policy. Despite expectations of weaker economic growth indicators this year, the ECB remains committed to returning inflation to its target value and intends to maintain restrictive monetary and credit conditions for this purpose," said National Bank Governor Timur Suleimenov in an April 12 statement.
The Federal Reserve notes that inflation in the United States still remains high. In March, the annual inflation rate increased to 3.5%, accelerating for the second consecutive month. According to the Fed's rhetoric, the current monetary and credit conditions will continue going forward. In Russia - a key trading partner of Kazakhstan, inflation in March remained at 7.7%. According to the statement from the Russian regulator, achieving the inflation target involves a prolonged period of maintaining tight monetary and credit conditions," said Suleimenov.
Pro-inflationary risks are conditioned by the continuation of reforms in the area of regulated prices, the consequences of abnormal floods in Kazakhstan, and the uncertainty associated with the volumes of budget expenditures needed for their elimination," the bank said.
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ADB: Kazakhstan's economy to grow 3.8% in 2024, 5.3% in 2025
The prospects for Kazakhstan’s economic development look positive in the medium term," said ADB Country Operations Head in Kazakhstan Iskandar Gulamov.
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