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EBRD contributes to improved connectivity in Central Asia

23 September 2021 19:13

NUR-SULTAN. KAZINFORM - The European Bank for Reconstruction and Development (EBRD) is contributing to the improvement of regional connectivity in Central Asia and beyond by supporting a major road project in central Kazakhstan, reports.

A sovereign loan of up to US$ 240 million to the state-owned road company KazAvtoZhol will finance the reconstruction of a 204 km road section between the cities of Kyzylorda and Zhezkazgan, as well as the construction of a 14.8 km bypass road around Kyzylorda, a city in south-central Kazakhstan.

The road will improve passenger and cargo transport along strategic route E123, which links western China with the Ural region of Russia.

The funds, which will help reconstruct approximately half of the road between the two cities, will be disbursed in the local currency, tenge. The Asian Development Bank will finance the reconstruction of the remaining road section.

KazAvtoZhol operates national highways across Kazakhstan and is a longstanding EBRD client.

EBRD President Odile Renaud-Basso said: «At the EBRD, we believe that improved connectivity will provide new opportunities both for Kazakhstan and Central Asia. It is important for the country to create the right transport infrastructure to boost economic integration and post-Covid-19 recovery.»

To date, the EBRD has invested more than US$ 8.4 billion in Kazakhstan’s economy through 290 projects.

Keywords: Banks, EBRD, Economy, Kazakhstan,