EBRD to finance new projects worth 350M euros in Kazakhstan

The European Bank for Reconstruction and Development (EBRD) is signing projects worth over 350 million euros in Kazakhstan this week with investments that improve the quality of public services for the population, raise food quality standards and help combat climate change, said EBRD message May 26.

Speaking in the Kazakhstan’s capital Astana on 26 May, EBRD President Suma Chakrabarti spoke of the bank’s strong partnership with Kazakhstan that combines vigorous support for policy reform with a high level of investment.

Chakrabarti said that the EBRD’s investments in 2016 are expected to reach the bank’s 2015 investment level of 700 million euros.

The EBRD is also continuing its cooperation with the Kazakh government to modernize the country’s water and district heating systems.

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In particular, three loans totaling around 21 million euros will support an upgrade of municipal infrastructure in the cities of Kostanay and Ust-Kamenogorsk, and also fund the modernization of the water and district heating companies.

Separately, over 500,000 residents in north-eastern Kazakhstan will benefit from new projects with CAEPCO, the largest private sector energy corporation in the country, to modernize district heating in the cities of Petropavlovsk, Pavlodar and Ekibastuz through loans worth around 23 million euros.

Meanwhile, on 26 May, EBRD President signed a project with the dairy products company FoodMaster, an affiliate of Groupe Lactalis, the world’s largest dairy products group that will support an upgrade in dairy processing plants, the construction of new stalls and an increase in the company’s fleet of trucks.

The 15 million euros investment will boost the supply of high value-added dairy products to Kazakh consumers.

On May 27, EBRD President was due to sign an agreement with the authority developing the Astana International Financial Centre (AIFC) on the promotion of a green financial system in Kazakhstan. As a result of this accord, the demand for green investments in the country will be assessed.

Source: Trend