The Eurasian Development Bank (EDB) plans to invest more than $1 billion in the economy of Kazakhstan this year, according to Nikolai Podguzov, chairman of the bank’s management board. He made this statement during a meeting with President Kassym-Jomart Tokayev, as reported by the president’s press service.
Once secured, these funds will be used for:
- Modernization of infrastructure and energy facilities;
- Development of renewable energy sources;
- Development of transport and logistics, including the reconstruction of roads of national significance;
- Development of the manufacturing industry and digital technologies.
There is a set of projects worth over $4.5 billion in total that the EDB is considering for this year.
In 2024, the bank’s investment in Kazakhstan amounted to $1.4 billion, which is about 60% of the whole portfolio of the institution.
As the EDB reported, its strategy for Kazakhstan, designed for the period from 2022 to 2026, was completed ahead of schedule. Under this plan, the volume of investments amounted to $3.8 billion.
This year, the EDB is going to continue promoting the development of Kazakhstan’s financial market and attracting new investments, Podguzov emphasized.
The EDB is a multilateral development bank headquartered in Almaty that carries out investment activities in Eurasia.
In April, Uzbekistan joined the agreement on the establishment of the EDB, becoming the seventh participant of the bank and the third largest shareholder of the institution (10%). Among other countries participating in the EDB’s capital are Russia (44.8%), Kazakhstan (37.3%), Belarus (5.2%), Armenia (4.3%), Tajikistan (4.3%) and Kyrgyzstan (4.2%).
