The Prime Minister of Kazakhstan

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Bakytzhan Sagintayev meets with EBRD First Vice-President, Jurgen Rigterink

16 May 2018, 12:44
Astana
Photo: primeminister.kz

Today within the framework of the Astana Economic Forum, Prime Minister Bakytzhan Sagintayev met with the First Vice-President of the European Bank for Reconstruction and Development (EBRD), Jurgen Rigterink.

At the meeting, issues of implementing current and prospective joint projects in various sectors of the economy, including the mining sector, municipal and transport infrastructure, development of the green economy and renewable energy, improving the global competitiveness of Kazakhstan and other spheres were discussed.

For more than 20 years of the EBRD's cooperation with Kazakhstan, 240 joint projects for a total of €7.3 billion have been financed. In 2017, 25 new projects worth more than $700 million were signed.

The current portfolio of EBRD projects in Kazakhstan consists of 118 projects worth €3.1 billion. Among them are: the construction of the Saryarka main gas trunkline along the route Kyzylorda – Zhezkazgan – Karaganda – Temirtau – Astana, the project “Reconstruction of the Kurty – Kapshagai section of the Center – South Corridor,” the sale of assets of the Samruk-Kazyna SWF, the introduction of the road payment system, the project “Reconstruction of the Center – South Corridor of the Astana ­– Karaganda – Balkhash –Kurty – Kapshagai – Almaty highway, km 2152-2214 of Kurty – Burylbaital (62 km)”, “Reconstruction of water management, irrigation and drainage systems of Aktobe, Zhambyl and South-Kazakhstan regions," and others.

 

For reference: The EBRD is an international financial organization established in 1991 that finances projects in countries from Central Europe to Central Asia, as well as in the countries of the Southern and Eastern Mediterranean region.

The priorities of the activity include assistance to domestic and foreign investments, support to the financial sector, small and medium businesses and infrastructure development through the provision of government loans, loans under state guarantees and without state guarantees. The EBRD is also engaged in such sectors as natural resources, communications and the agro-industrial complex. In December last year, the 5000th project was signed since the establishment of the EBRD in 1991. The EBRD headquarter is located in London. The EBRD President is Sir Suma Chakrabarti (since 2012). Since April this year, J. Rigterink is the First Vice-President of the Bank.

The EBRD's shareholders are 65 countries and 2 international organizations: the European Union and the European Investment Bank. Implementation of all the powers of the EBRD is entrusted to the Board of Governors, in which each shareholder appoints its manager, usually the Minister of Finance or a person holding a similar position.

Kazakhstan has been a member of the EBRD since July 27, 1992. The EBRD's permanent representation in the Republic of Kazakhstan was opened in Almaty (1993) and Astana (2000). The share of Kazakhstan in the authorized capital of the EBRD is €69 million (0.23%).

In May 2014, the Government of Kazakhstan signed the Framework Agreements on partnership with international financial organizations for 2014-2017 (EBRD, World Bank, ADB, IDB) on the provision of financial and technical support to Kazakhstan to ensure sustainable economic growth and structural reforms. In December 2017, the Government of Kazakhstan and the EBRD signed a new three-year agreement, which is a continuation of the Framework Agreement on Partnership.

Currently, the active portfolio of the EBRD includes 118 projects for a total of $3.1 billion, of which the main portfolio of projects falls on the energy sector (44%) and the infrastructure sector (41%). Investments in the private sector reached 45%.

 



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