The European Bank for Reconstruction and Development (EBRD) announced last week that its president, Suma Chakrabarti, will visit Kazakhstan from June 9-13 to discuss a new initiative to raise investment in the country.

On June 12, Chakrabarti will also co-chair with Kazakh President Nursultan Nazarbayev a meeting of the Kazakhstan Foreign Investors' Council in Borovie, a resort north of Astana.

Chakrabarti will visit Almaty from June 9-10 to sign a deal to finance energy efficient street lighting and will travel to Kyzlorda on June 11 to meet the Minister of Regional Development.

The EBRD and the Kazakh government signed an agreement in May that will channel $2.7 billion of government funds into the economy through international financial institutions.

Under the agreement, the EBRD will also raise its own investments in the country and play a bigger role in developing and rolling out reforms to improve the investment climate.

The EBRD has to date invested nearly $6.5 billion in the Kazakh economy, with more than half of the funds going to the private sector.