Kazakhstan inks 650 billion tenge highway deal in U.S.
At the World Bank headquarters in Washington, D.C., the Kazakh delegation signed a financing agreement for the construction of the Karaganda–Zhezkazgan Highway, Qazinform News Agency cites the Government's press service.
The agreement was concluded between JSC NC KazAutoZhol, the International Bank for Reconstruction and Development (IBRD), and the Asian Infrastructure Investment Bank (AIIB).
The project is designed to develop transport infrastructure, boost transit potential, and improve regional connectivity. The new road is expected to significantly reduce travel time, enhance traffic safety, and provide an additional impetus for the development of central Kazakhstan.
Currently, bidding for the project is in the final stages. The highway will span 457 kilometers, with a loan amount totaling 650 billion tenge. Design and construction are scheduled to begin this year.
The project is also expected to modernize logistics, increase the region's investment attractiveness, and create new jobs.
Work is anticipated to commence in the near future.
Earlier today, Qazinform reported that Kazakhstan's Deputy Prime Minister and Minister of National Economy, Serik Zhumangarin, met in Washington, D.C., with Antonella Bassani, World Bank Vice President for Europe and Central Asia, along with representatives of the World Bank Group.