Olzhas Bektenov, Prime Minister of Kazakhstan, met with Nikolai Podguzov, Chairman of the EDB Management Board.
Astana, 18 March 2023. Olzhas Bektenov, Prime Minister of Kazakhstan, met with Nikolai Podguzov, Chairman of the Eurasian Development Bank’s (EDB) Management Board, to explore prospects for bolstering investment cooperation.
Over the past year, the EDB has financed several investment projects in various sectors of Kazakhstan’s economy, including the construction of a polypropylene plant, the procurement of diesel locomotives, and the development of wind farms in the Kostanay Region. Kazakhstan’s share of the annual investment surged from 48.5% in 2022 to 59% in 2023.
In the current year, the Bank’s investment in Kazakhstan will total a minimum of US $1 billion. This year’s priority sectors include transportation, industry, energy and environmental improvements, agribusiness, as well as the construction and modernisation of social infrastructure.
The head of Kazakhstan’s government stressed the significance of investment in large-scale infrastructure initiatives outlined by the Head of State, which encompass the development of roads, housing construction, utility upgrades, and the advancement of gasification efforts.
“The bank should prioritise major infrastructure projects. We are ready to enhance cooperation with the bank on mutually beneficial terms,” stated Olzhas Bektenov.
In response, Nikolai Podguzov underscored the financial institution’s stability. The EDB achieved a return of US $125 million, maintained its credit rating at “BBB-” (S&P), which aligns with Kazakhstan’s sovereign rating, and attained the highest rating of “AAA” from China’s ССXI. In addition, the Bank has improved the quality of its portfolio and reduced the share of overdue payments.
Both parties acknowledged the increase in Kazakhstan’s share in the EDB’s annual investment and emphasised the potential for further enhancement of the bank’s investment activities.
Additional Information:
The Eurasian Development Bank (EDB) is an international financial institution promoting integration and development in its member countries. For more than 18 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. The EDB's charter capital totals US $7 billion. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.
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