Kazakhstan, Astana, Jan.16 / Trend L.Podolyak /
President of Kazakhstan Nursultan Nazarbayev signed the Law of the Republic of Kazakhstan "On Ratification of the Framework Agreement on Finance (KAZ: Central Asia Regional Economic Cooperation CAREC 2 Transport Corridor Investment Program (Mangistau Regions Sections)," the press-service of the president reported.
The agreement envisages allocating funds to reconstruct 790 kilometers of roads in Mangistau region, which will connect Kazakhstan with Azerbaijan and Turkey through the Caspian in the west, with Russian in the north, with Uzbekistan in the south-east and with Turkmenistan in the south. The loan will be allocated as three tranches.
Reconstruction of these roads requires over $1.2 billion of which the Asian bank will allocate $800 million and the state budget will allocate $412 million.
Road-building on the first tranche is supposed to start in 2012.