Vusala Abbasova February 13, 2024
The statement revealed that the share of Kazakh projects in EDB's portfolio has sharply increased, reaching 59 percent by the end of 2023.
The Eurasian Development Bank (EDB) has announced its intention to invest more than $3.5 billion in direct investments in Kazakhstan during 2024.
In a recent meeting with Kazakh President Kassym-Jomart Tokayev, EDB Chairman Nikolai Podguzov discussed ambitious plans to finance potential projects worth more than $3.5 billion this year alone in Kazakhstan. did.
This investment strategy is aimed at strengthening key sectors such as transport infrastructure, thermal power generation, renewable energy sources, industry, agriculture and water resources. Mr. Podguzov underlined the bank's commitment to supporting Kazakhstan's efforts towards the wise use of water resources, and allocated significant funds to various initiatives.
According to a statement released by the presidential press office on Monday, the EDB is ready to allocate grants of up to $10 million for the establishment of regional specialized centers on water-saving and energy-efficient technologies. In addition, up to $400 million has been earmarked for projects aimed at installing state-of-the-art irrigation equipment and implementing digital water accounting systems.
Mr. Podguzov emphasized EDB's commitment to Kazakhstan's economic situation, highlighting that investments over the past two years have consistently exceeded $1 billion. The bank's annual investments jumped to $4.2 billion from 2022 to 2023, a figure that exceeded the original projections outlined in its strategic plan.
The statement revealed that the share of Kazakh projects in EDB's portfolio has sharply increased, reaching 59 percent by the end of 2023.
President Tokayev expressed his appreciation for the annual general meeting and business forum that EDB will host in Almaty later this summer. He emphasized that bank-supported infrastructure projects play a vital role in Kazakhstan's development trajectory.
Central Asia's largest country is a top destination for the most active multilateral development banks, including the European Bank for Reconstruction and Development (EBRD) and the Eurasian Development Bank, which tops the list of financial institutions receiving foreign investment. flowed.
Kazakhstan's attractiveness to foreign investors has further increased due to government measures to increase investment attractiveness, such as policy revisions and incentives for companies.
As part of a government-led effort to ease local investment policies, Kazakhstan will introduce the Improved Model Contract (IMC) in January 2023, a new mechanism to foster competition and create conditions to attract additional investment. adopted legislation to promote Contributed to the development of a challenging project in Kazakhstan.
