ADB Allocates Over $7.5 Billion for Kazakhstan Projects

Deputy Prime Minister and National Economy Minister of Kazakhstan Serik Zhumangarin held a meeting with Kumar Utsav, the Asian Development Bank (ADB) Country Director for Kazakhstan, The Caspian Post reports citing Kazakh media.

ADB is a strategic partner of Kazakhstan. Over the past three decades, the Bank supported Kazakhstan’s projects across various sectors, including transport, energy, digital development, housing infrastructure and social sphere. It provided over 7.5 billion US dollars in support.

Among the key projects are the reconstruction of the Aktobe-Kandyagash road, the Kyzylorda-Zhezkazgan section of the Kyzylorda-Pavlodar-Uspenka- Russian border highway.

During the talks, the parties focused on the development of joint projects under the Public Private Partnership as well as the new initiatives, including the project promoting an inclusive and green housing finance program, fiscal governance and financial sector reforms program.

Utmost attention was paid to the construction of university hospitals in Karaganda, Aktobe and Semey cities.

Those attending also highlighted the active participation of Kazakhstan in the Central Asia Regional Economic Cooperation (CAREC) Program. The country joined CAREC in 2001. Kazakhstan attracted 10 billion US dollars into 32 projects, with the majority invested in transport.

Besides, they emphasized preparations for the CAREC Ministerial Conference to be held in Bishkek.

This event will not only sum up the results of the year and set priorities for the future of CAREC, but will also become an integral part of the global dialogue on transport and transit development, the Kazakh Minister said.

Following the talks, the sides confirmed readiness to strengthen their partnership and expand joint projects aimed at the sustainable development of Kazakhstan’s economy.