BAKU, Azerbaijan, September 23
By Nargiz Sadikhova - Trend:
The European Bank for Reconstruction and Development (EBRD) will allocate a sovereign loan of up to $240 million to support a major road project in central Kazakhstan, Trend reports citing the Bank.
A sovereign loan to the state-owned road company KazAvtoZhol will finance the reconstruction of a 204 km road section between the cities of Kyzylorda and Zhezkazgan, as well as the construction of a 14.8 km bypass road around Kyzylorda, a city in south-central Kazakhstan.
The road will improve passenger and cargo transport along strategic route E123, which links western China with the Ural region of Russia.
The funds, which will help reconstruct approximately half of the road between the two cities, will be disbursed in the local currency, tenge. The Asian Development Bank will finance the reconstruction of the remaining road section.
KazAvtoZhol operates national highways across Kazakhstan and is a longstanding EBRD client.
To date, the EBRD has invested more than $8.4 billion in Kazakhstan’s economy through 290 projects.
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