Система Orphus

EBRD expands its activity

08.02.2013, 11:24 19865

Almaty. February 8. Kazakhstan Today - The European Bank for Reconstruction and Development is expanding its activities. On Wednesday, the Kazakh lower house, the Majilis, approved a bill on the ratification of amendments to the relevant agreement.

According to Caspionet, the latter stipulates geographical expansion of the EBRD mandate that now includes the Southern and Eastern Mediterranean. In view of the historical changes taking place in North Africa and the Middle East, the Bank intends to contribute to the development of this region.

"Unlike other international financial institutions operating in our country, the EBRD is actively cooperating with the private sector. It is provided by the charter of the Bank, since the main objective of the bank is to promote the market economy principles," said Bolat Zhamishev, Kazakh Minister of Finance.

Kazakhstan is one of the largest recipients of aid and loans from the European Bank for Reconstruction and Development. Since the beginning of its activity, the Bank has invested in Kazakhstan over 15 billion US dollars including free technical assistance amounting to over 79 million US dollars. Around 85 projects are now being implemented with a total borrowing of more than 2.5 billion US dollars.

"As you know, we borrow money for the construction of the Western China - Western Kazakhstan motorway. These loans issued for 20 year are very profitable and have very low interest rates," said Turarbek Assanov, Kazakh MP, NurOtan People's Democratic party.

The speaker of the lower house, Nurlan Nigmatulin, noted the importance of this international document.

"Every ratification we pass is always an important step in the implementation of international relations, as they provide legal support for all international agreements of the head of state. All of this makes Kazakhstan increasingly integrated into the world community," said Nurlan Nigmatulin, Kazakh Majilis Speaker.

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