ASTANA – Kazakhstan Temir Zholy (KTZ) national railway company and Westinghouse Air Brake Technologies Corporation (Wabtec) signed a framework agreement on strategic cooperation on Sept. 17 during President Kassym-Jomart Tokayev’s visit to New York to attend the 78th session of United Nations General Assembly, the Akorda press service reported.
Kassym-Jomart Tokayev with Rafael Santana. Photo credit: Akorda.
Wabtec President and CEO Rafael Santana revealed the company’s plans to invest nearly $1 billion in Kazakhstan’s transport and logistics industry, mentioning ongoing projects designed to launch locomotive production using hydrogen technologies and their components.
In addition to the prospects of cooperation in reconstructing Kazakhstan’s railway industry, Santana spoke about establishing an engineering center and fostering technology transfer.
The Kazakh President said these actions will boost the Trans-Caspian International Transport Route as the foundation for other infrastructure projects.
Kassym-Jomart Tokayev with Jane Fraser. Photo credit: Akorda.
As a Fortune 500 company, Wabtec is one of the world’s leaders in transportation and logistics, with over 27,000 people employed in more than 50 countries.
KTZ signed an agreement with Citibank, the only American bank with a presence in Kazakhstan, for financing procurement of Wabtec locomotives with Citibank.
At a meeting with Citigroup CEO Jane Fraser, Tokayev praised the company’s important role in connecting the Astana International Financial Centre (AIFC) with global investors and facilitating the financial sector’s digital transformation.
He also welcomed Citigroup’s plans to finance several significant projects to develop Kazakhstan’s transport and logistics potential.
Besides the prospects of expanding Citigroup’s activities, the sides discussed macroeconomic forecasts and the key trends of the global financial market.
Citibank Kazakhstan, one of the leading partners for international investors, the public sector, and major enterprises, was established following the President’s directive to attract three reliable foreign banks to the country to increase competition in this area, voiced in the state-of-the-nation address.
AIFC Governor Renat Bekturov noted that the agreement on a credit line worth $900 million to procure nearly 240 new locomotives will upgrade the KTZ park by 15%.
