World Bank extends loan to Kazakhstan for roads improvement
11:58, 13 June 2009
ASTANA. June 13. KAZINFORM /Kanat Kulshmanov/ Kazakhstan Prime Minister Karim Massimov has attended signing of the Loan Agreement between the World Bank and the Kazakh Ministry of Finance on implementation of the project of South-West roads development; Kazinform reports.
Kazakh Minister of Finance Bolat Zhamishev and Bank?s Vice President for Europe and Central Asia Shigeo Katsu signed the document. Within the framework of the Agreement the World Bank will finance construction and repair work of the road section length of 1062 km between Shymkent and border of Aktobe and Kyzylorda oblasts. This project is a part of the Government?s program on development of the international transit corridor to the amount USD 7.5 bln, implementation of which will allow to improve roads length of 2800 km from Kazakhstan?s border with China (Khorgos) till the border with Russia (Zhaissan).
?This project is aimed at effective use of transport potential of our country. We have also concluded the corresponding agreements on financing of construction of sections of transit line ?Western China-Western Europe? with the EBRD and the ADB?, Bolat Zhamishev said.
Construction of this section will be finished till the end of 2013. The World Bank?s loan makes up USD 2.125 bln , and the national budget allocates USD 375 mln as co-financing. It is expected that the Agreement will be ratified by the Kazakh Parliament in September, 2009.