Since early 2024, the Eurasian Development Bank (EDB) has injected over $900mn into a range of projects spanning multiple sectors across Kazakhstan.
Kazakhstan's Prime Minister, Olzhas Bektenov recently met with Nikolai Podguzov, Chairman of EDB Management Board, to explore opportunities for expanding investment collaboration and the EDB’s role in key infrastructure projects across the country.
The two leaders emphasized the EDB’s increasing investment activity in Kazakhstan. In 2023, Kazakhstan attracted $1bn in investments from the EDB, and this figure is projected to rise significantly to between $1.4bn and $1.6bn by the end of 2024.
Highlighting the Bank’s priority projects, Bektenov and Podguzov discussed the introduction of cycling and continuous coal mining technology, the construction of solar power plants, and the reconstruction and expansion of the Astrakhan–Mangyshlak water pipeline. Other key projects include the construction and rehabilitation of highways, furthering Kazakhstan’s infrastructure development.
Bektenov acknowledged the EDB as a vital partner for Kazakhstan’s economic growth.
"The head of our state, in his state-of-the-nation address, set clear goals to tackle critical infrastructure challenges. Our government is undertaking large-scale modernization efforts in engineering, transport, social, and digital infrastructure. We are ready to deepen our cooperation with the Bank on mutually beneficial terms and jointly implement projects crucial to the national economy," Bektenov stated.
Nikolai Podguzov reaffirmed the EDB’s commitment to strengthening its collaboration with Kazakhstan on major investment initiatives. He also highlighted the Bank’s active role in enhancing its investment portfolio, diversifying its capital, and improving corporate governance practices.
The EDB, a multilateral development bank founded in 2006, plays a critical role in fostering economic growth in its member states. With a charter capital of $7bn, the Bank focuses on projects that promote integration in sectors such as transport, green energy, agriculture, and mechanical engineering. It also adheres to the UN’s Sustainable Development Goals and follows ESG principles in its operations.
The EDB's sectoral investments include energy (21.7%), transport (18.1%), and mining (27.5%), contributing to Kazakhstan’s strategic infrastructure and industrial goals.
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