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Kazakhstan ratifies loan agreement with ADB

Business Materials 18 November 2013 17:15 (UTC +04:00)

Baku, Azerbaijan, Nov. 18
By Elena Kosolapova - Trend: Kazakh President Nursultan Nazarbayev signed the Law on Ratification of the loan agreement with Asian Development Bank (ADB) for the Central Asian Regional Economic Cooperation (CAREC) program, Kazakh presidential press-service reported.

According to the agreement, the bank will deliver a loan for the reconstruction of the CAREC 3rd corridor (a section of the Tashkent-Shymkent road) which gives an access to Western Europe - Western China international transport corridor.

The construction of the international Western Europe-Western China highway started in 2009. According to the Kazakh Transport and Communication Ministry, some 1,406 kilometers of highways will be built in Kazakhstan in 2013 within the Western Europe-Western China transport corridor project implementation. The project is planned to be completed in 2015. The whole corridor project is being financed by several International Financial Institutions including the EBRD, the World Bank, the Asian Development Bank (ADB) and the Islamic Development Bank (IDB).

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