S. Wermert: ADB is impressed by effectiveness of Kazakhstan's anti-crisis measures
ANA. September 14. KAZINFORM /Timur Bekturganov/ Kazakhstan and Asian Development Bank have signed a Loan Agreement under the anti-recessionary program of ADB member-states. The Agreement was signed by Kazakh Minister of Finance Bolat Zhamishev and ADB Country Director Stephen Wermert.
According to the Agreement the ADB will allocate a USD 500 million short-term loan including a three-year gestation period for repayment of the principal amount. The ADB loan will provide fiscal stimulus and finance part of the crisis mitigation measures taken by the Government.
"The ADB was impressed by the effectiveness of the anti-crisis measures of the Kazakh leadership", - Stephen Wermert said at the signing ceremony. In his speech he positively evaluated the prospects of further cooperation between Kazakhstan and ADB pointing out the development of partnership with Kazakhstan as a priority in the bank's activity.