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Wednesday, May 27, 2020

EBRD to invest in Kazakh region's infrastructure

EBRD President Suma Chakrabarti, far right, and the Akim of Kyzylorda Oblast, Krymbek Kusherbayev, far left, at the signing ceremony for a financing agreement to improve the Kazakh region's infrastructure.

The European Bank for Reconstruction and Development (EBRD) and three companies in Kazakhstan finalized an agreement on Thursday to modernize the infrastructure of the nation's Kyzylorda region.

Approximately $60 million in financing agreements were negotiated between the EBRD and the regional government.

“We are proud of our cooperation with the authorities of Kyzylorda Oblast and that our Enhanced Partnership Framework Arrangement with the government of Kazakhstan enables us to scale up our work to improve lives in Kazakhstan, including in Kyzylorda," EBRD President Sir Suma Chakrabarti said. "During my last visit to Kyzylorda, I was impressed by the regional authorities’ work on progressing the modernization agenda, and I am glad that the Bank is signing these projects today.”

A total of $10 million is set to go to Kyzylorda Su Zhuyesi, a municipal water management company, to improve water and waste-water management services. A combined $24 million will be lent to the district's heating and electricity company, Kyzylordateploelektrocentr. Of that, $5.5 million is coming from the Clean Technology Fund. This will be used to improve heating and electricity systems in the region.

The last portion, over $24 million, is going to the Kyzylorda Regional Electricity Company to enhance the power grid.

Organizations in this Story

European Bank for Reconstruction and Development

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