ADB signals strong confidence in Kazakhstan with $8 billion investment

The Asian Development Bank (ADB) has invested more than $7 billion in Kazakhstan’s economy over the past 20 years. Furthermore, the bank has over $1 billion in additional projects in its portfolio that are yet to be implemented in the country. This was revealed during a meeting between Kazakhstan’s Prime Minister Olzhas Bektenov and ADB’s Vice President for Market Solutions Bhargav Dasgupta, as reported by the country’s cabinet.

Established in 1966, ADB has implemented 31 projects over the past two decades and plans to complete at least nine more, including the reconstruction of roads connecting Aktobe and Kandyagash, and Kyzylorda and Zhezkazgan, as well as the upgrading of Combined Heat and Power Plant No. 2 in Almaty.

Bektenov and Dasgupta also discussed strategic partnership in implementing joint projects for the sustainable development of Kazakhstan’s economy.

Special attention was also given to expanding cooperation in modernizing infrastructure and agriculture, as well as in combating climate change. The scope of cooperation also covers digitalization, healthcare and education.

In January, ADB issued two-year maturity «green» international bonds on the Kazakhstan Stock Exchange, totaling approximately $14.5 million.  

In April, ADB, together with the Asian Infrastructure Investment Bank, signed a memorandum of understanding between the energy ministries of Kazakhstan, Uzbekistan and Azerbaijan to support the exports of green electricity from Kazakhstan and Uzbekistan to Europe.