Olzhas Bektenov and EDB head Nikolai Podguzov discuss joint implementation of infrastructure projects

Prime Minister of the Republic of Kazakhstan Olzhas Bektenov held a meeting with the Chairman of the Board of the Eurasian Development Bank Nikolai Podguzov on the prospects for further expansion of investment cooperation. 

Last year EDB financed a number of investment projects in various sectors of the national economy of Kazakhstan. Among them were a plant for the production of polypropylene, the purchase of mainline diesel locomotives, the construction of wind farms in Kostanay region and others. Kazakhstan's share in annual investments increased from 48.5% in 2022 to 59% in 2023.

This year, new EDB investments in the economy of Kazakhstan will amount to at least $1 billion. The pool of priority projects for the current year covers transport, industry, energy and environmental improvement, agribusiness, as well as construction and modernisation of social infrastructure. 

Head of the Government of Kazakhstan stressed the importance of attracting investment in the implementation of large-scale infrastructure initiatives of the Head of State in the development of road network, housing construction, modernisation of housing and communal services and gasification.

"The bank's priority should be the financing of large infrastructure projects. We are ready to expand co-operation with the bank on mutually beneficial terms," Olzhas Bektenov said.

In turn, EDB Chairman of the Board Nikolai Podguzov reported on the stability of the financial institution. Thus, as a result of measures taken EDB has achieved a positive financial result of $125 m. The credit rating of the Bank has been maintained at the level of the sovereign rating of Kazakhstan: "BBB-" (S&P), as well as the highest rating of the CCXI "AAA" in the market of China. In addition, the quality of the portfolio was improved and the share of overdue payments was reduced.

The participants of the meeting noted the increase in the share of Kazakhstan in annual investments of EDB and emphasised the potential for further strengthening of the bank's investment activity.

#Olzhas Bektenov #The Prime Minister of the Republic of Kazakhstan #Economy #Finance #Investments #President's instruction

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