ADB eyeing agreement signing on road reconstruction in Kazakhstan
AKTOBE. KAZINFORM - Asian Development Bank (ADB) is expecting to soon sign an agreement on reconstruction of Aktobe-Kandyagash road in Kazakhstan, ADB representative told Trend.az.
On May 20, 2020 Kazakhstan has approved an investment project on reconstruction of the Makat - Aktobe road section proposed for financing at the expense of private loans under state warranty for 2020.
The ADB official in turn said that the loan for this project (reconstruction of Aktobe-Kandyagash road) will be provided to Kazakhstan’s state-owned enterprise Kazavtozhol (country’s national road operator company), who will be Borrower and Executing Agency for this project.
«The project is considered as a public sector loan (not private) as Government of Kazakhstan will provide a sovereign guarantee,» the official emphasized.
The official also highlighted that the project’s implementation is not underway as of yet.
«Currently loan agreement is negotiated with the borrower and expected to be signed soon. Advance procurement is underway to select contractors for civil work and Engineer for construction supervision,» the ADB official said.
The official also reminded that ADB has two ongoing transport projects worth $560 million. They include modernizing transport infrastructure along the Aktobe-Makat and Zhetybai-Zhanaozen roads in West Kazakhstan.
Talking environmental and economic effect that these projects are expected to bring the official said that once completed, Aktobe-Makat and Zhetybai-Zhanaozen road projects are expected to boost regional connectivity, promote inclusive economic growth, and increase the country’s trade links with markets in East Asia, Europe, and the Caspian Sea.
«The projects will contribute to the efficient, reliable and safe movement of people and goods in the western region of Kazakhstan, with road safety features conforming to international standards to be introduced,» the official said.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members.