$1 BILLION TO DIVERSIFY KAZAKH ECONOMY
Astana, 22nd February: The European Bank for Reconstruction
& Development (EBRD) is supporting the Kazakh government’s economic
diversification programme by investing up to around $1 billion in projects to
be identified in collaboration with the Kazakh Ministry of Industry & Trade
and the Kazakh National Wealth Fund ‘Samruk-Kazyna’.
A Memorandum of Understanding was signed February 18th in
Astana between the three parties. The document was signed by Samruk-Kazyna’s
Chairman, Kairat Kelimbetov, Minister of Industry & Trade, Aset Isekeshev
and Olivier Descamps, EBRD Business Group Director (South Eastern Europe,
Central Asia and the Caucasus).
The three parties will seek to increase their cooperation
with a view to identifying, preparing and implementing industrial and
infrastructure projects in Kazakhstan, which will be based on sound market
principles, commercial viability, higher standards of corporate governance and
transparency, as well as utilization of modern and environmentally-friendly
The EBRD will continue to play an important role in economic
diversification and innovation in Kazakhstan, and the further integration of
the country into the global economy, with a view to provide the private sector
with additional opportunities for growth and development. The Bank will
consider providing equity and debt financing for eligible projects and will
seek to mobilize necessary technical assistance for their implementation.
In addition, the EBRD will cooperate with other
international financial institutions and commercial lenders with a view to
attracting further investment to the Kazakh economy. This will help Kazakhstan
reduce its dependence on primary industries and commodity exports.
The Memorandum underpins the EBRD’s key role as the single
largest investor in Kazakhstan outside the oil and gas sector. Since the
beginning of its operations, the Bank has committed over €2.4 billion in
various sectors of the country’s economy - which itself attracted additional
investment worth more than €5 billion.
The EBRD’s 2011 Annual General Meeting will be held in
Astana, the Kazakh capital.