ADB assists Kazakhstan in boosting its transport potential
ASTANA. October 31. KAZINFORM The Senate of Kazakhstan (Upper Chamber of the Kazakh Parliament) has ratified today the bill "On ratification of the Loan Agreement between the Republic of Kazakhstan and the Asian Development Bank" aimed at improving the quality of roads in the country.
Minister of Transport and Communications of Kazakhstan Askar Zhumagaliyev introduced the bill and said ADB provides $125 million-loan to Kazakhstan for 16 years for reconstruction of the 36.7km-long section of the Western Europe-Western China corridor. The project is set to be completed by late 2015.
According to Zhumagaliyev, this section will give Kazakhstan access to Europe, Central Asian and China. Co-financing of the Government of Kazakhstan won't exceed $22 million.
As reported earlier, the loan agreement was signed in Astana on May 20, 2013 in order to boost Kazakhstan's transport potential.