ASTANA – The Eurasian Development Bank (EDB) has financed investment projects worth $900 million in Kazakhstan since the beginning of the year, said Nikolai Podguzov, Chair of the EDB Management Board, during a Sept. 5 meeting with Kazakh Prime Minister Olzhas Bektenov.
By the end of the year, the Eurasian Development Bank plans to raise investment volumes in Kazakhstan to $1.4-$1.6 billion. Photo credit: Prime Minister’s press service.
By the end of the current year, the volume of investments is expected to increase significantly and reach $1.4-$1.6 billion. In 2023, the EDB invested $1 billion in the Kazakh economy, reported the Prime Minister’s press service.
During the meeting, Bektenov and Podguzov noted the bank’s high investment activity in Kazakhstan and discussed the expansion of investment cooperation, as well as the EDB’s involvement in infrastructure projects implementation.
The EDB’s priority projects in Kazakhstan include the implementation of cyclic-flow coal mining technology, the construction of solar power plants, the reconstruction and expansion of the Astrakhan-Mangyshlak main water pipeline, and the construction and reconstruction of highways.
Bektenov emphasized that the EDB is one of the important partners and reliable sources of investment.
“The President outlined the tasks for solving priority infrastructure problems in his state-of-the-nation address. The government is carrying out large-scale work on modernization and construction of engineering, transport, social and digital infrastructure. We are ready to expand cooperation with the bank on mutually beneficial terms and are interested in joint implementation of projects important for the country’s economy,” Bektenov noted.
In turn, Podguzov announced the bank’s readiness to strengthen cooperation in implementing large investment projects.
The parties also discussed the bank’s current investment portfolio, diversification of the capital structure, and improving the quality of corporate governance.
The Eurasian Development Bank is an international financial institution founded in 2006. The bank’s authorized capital is $7 billion. The industry structure of the current investment portfolio: energy – 21.7%, transport – 18.1%, mining – 27.5%, financial sector – 9.2%, infrastructure – 5.8%, mechanical engineering – 2.8%, agro-industrial complex – 3.3%, chemical industry – 7.3%, construction – 1.1%, other industries – 3.2%.
