ADB, Kazakhstan sign new framework agreement

Photo: ADB, Kazakhstan sign new framework agreement / Economy news

Astana, Kazakhstan, May 4
By Daniyar Mukhtarov - Trend:

A new framework agreement on co-financing has been signed between the president of the Asian Development Bank (ADB), Takehiko Nakao and Kazakhstan's Prime Minister Karim Massimov in the presence of Kazakh President Nursultan Nazarbayev.

The agreement was signed during the opening ceremony of the 47th annual meeting of ADB Board of Governors in Astana, Kazakhstan.

The agreement sets forth a new paradigm for partnership on the country's development agenda.

Enhanced cooperation under the agreement will be co-financed, by the program recently announced by President Nazarbayev to allocate around 1 trillion tenge ($5.5 billion) from the National Fund of Kazakhstan to support industrial policy, small and medium enterprises, and the banking sector.

Under the new framework agreement on co-financing, the ADB will assist the government in implementation of the development program by ensuring the rational and efficient use of the funds attracted from the National Fund.

"This framework agreement has been built on the fruitful 20-year partnership between the ADB and Kazakhstan with an emphasis on the diversification of economy, sustainable development and inclusive growth," president Nakao said. "We look forward to enhancing our cooperation to facilitate a more diversified economy with improved competitiveness."

Currently, ADB is a key development institution in Kazakhstan, delivering a total of $3.2 billion in the form of 25 public sector loans, $31 million for around 68 projects, and $455 million for six private sector projects since 1994.

Translated by L.Z.

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