ALMATY, Kazakhstan, June 27. The six percent GDP growth target is within Kazakhstan's reach, Eurasian Development Bank (EDB) Board Chairman Nikolai Podguzov said at the bank's Annual Meeting and Business Forum in Almaty, Kazakhstan, Trend reports.
"Kazakhstan's economy is growing at a robust pace, exceeding 5 percent, yet President Kassym-Jomart Tokayev has set even more ambitious goals of over 6 percent. I believe this target is quite feasible, primarily through increased investment rates, a priority for the Eurasian Development Bank," he emphasized.
As per his words, the EDB takes the cake when it comes to dishing out non-sovereign financing, not only in terms of investment volume across the Eurasian region but also in Kazakhstan.
"Even the largest banks invest significantly less in Kazakhstan compared to our financing, which totaled about $1 billion in 2023 across various sectors. We are involved in industrial and infrastructure projects alike. For instance, in metallurgy, we are actively engaged with the Qarmet group. Equally crucial is infrastructure, such as the ongoing reconstruction of the Almaty TPP, initiated this year.
Investing in the infrastructure lowers the cost of future industrial initiatives. Moreover, the viability of industrial projects is directly impacted by our cooperation with the Ministry of Transport on improving regional roadways. We are pleased to be supporting the Kazakhstan Petrochemical Industries initiative, which stands out among industrial endeavors as being very notable," said Podguzov.
To note, the EDB 2024 Annual Meeting and Business Forum is taking place in Almaty on June 27–28.
The events feature a series of sessions on the topics of Islamic finance, transport, ecology, energy, and digital technologies.
The Eurasian Development Bank is a multilateral development bank carrying out investment activities in the Eurasian region.
The EDB's authorized capital is $7 billion. The main share in the EDB portfolio is occupied by projects with an integration effect in the areas of transport infrastructure, digital systems, green energy, agriculture, industry and mechanical engineering.
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