Nikolai Podguzov, Chairman of the Eurasian Development Bank’s (EDB) Management Board revealed that the Bank’s annual investment in Kazakhstan's economy has surpassed $1bn for the second consecutive year during a meeting with President Kassym-Jomart Tokayev of Kazakhstan on February 12. Parties discussed the ongoing investment initiatives in Kazakhstan and the Bank’s plans for the future, EDB reported.
Podguzov detailed that the EDB's investment in Kazakhstan during 2022 and 2023 totaled $4.2bn, significantly exceeding the planned figures outlined in its 2022–2026 Strategy. Kazakhstan-based projects constituted 59% of the Bank’s portfolio by the end of 2023, indicating a growing focus on the nation's development.
Looking ahead, Podguzov outlined the Bank's plans for 2024, with potential projects under consideration exceeding $3.5bn. These investments are anticipated to bolster key sectors such as transport infrastructure, energy, industrial production, agriculture, and water management, crucial for Kazakhstan’s sustainable development.
Moreover, Podguzov emphasized the EDB's intention to support the growth of Kazakhstan’s financial market, with a particular emphasis on introducing new instruments to fund infrastructure projects, thereby enhancing the nation's economic resilience and stability.
In a move towards promoting sustainable practices, Podguzov shared the EDB’s research findings on the Central Asian water and energy complex. The Bank aims to position Kazakhstan as a leader in efficient water usage, offering grants of up to $10mn to develop regional expertise centers in water conservation and energy-efficient technologies. Additionally, the EDB plans to allocate up to $400mn for projects involving digital water-metering technologies and advanced irrigation equipment, underlining its commitment to environmental sustainability and resource management.
President Tokayev welcomed the EDB's initiatives, particularly its decision to host the Annual Meetings and Business Forum in Almaty later this year. The agenda for the event includes discussions on critical issues such as the Central Asian water and energy complex, the transport network, and financial instruments, demonstrating the Bank's commitment to fostering dialogue and cooperation for regional development.
The Eurasian Development Bank, with a charter capital of $7bn, has been instrumental in strengthening economic ties and promoting comprehensive development across Eurasia for over 17 years. The Bank’s portfolio primarily focuses on projects with integration effects in various sectors, aligning with the UN Sustainable Development Goals and ESG principles.
Follow Daryo's official Instagram and Twitter pages to keep current on world news.
Comments (0)