ADB to grant $125m loan to Kazakhstan to reconstruct Shymkent-Tashkent road section
12:17, 2 October 2013
ASTANA. October 2. KAZINFORM The plenary session of Majilis of Kazakhstan (lower chamber of the Kazakh Parliament) chaired by its speaker Nurlan Nigmatulin 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.
According to Minister of Transport and Communications of Kazakhstan Askar Zhumagaliyev, who introduced the bill, the loan agreement was signed in Astana on May 20, 2013 in order to boost Kazakhstan's transport potential. ADB provides loan to Kazakhstan for $125 million - 16 years, including four-year grace period. Co-financing of the Government of Kazakhstan won't exceed $22 million.
The project involves the reconstruction of the 36.7km-long section of the Western Europe-Western China corridor passing through the territory of Zhambyl region (between Shymkent and Tashkent) as well as maintenance services. It is set to be completed by late 2015.