Kazakhstan signs agreement to finance Western Europe-Western China motorways
Kazakhstan, Astana, March 30 / Trend , K.Arynova/
On March 30, the Kazakh government signed agreements with the Asian Development Bank (ADB) and European Bank for Reconstruction and Development (EBRD) worth $340 million and $180 million, respectively, to build the Western Europe-Western China motorway, Trend reported from Astana.
Kazakh Finance Minister Bolat Zhamishev, EBRD First Vice President Varel Freeman and ADB Kazakhstan Office Director Steven Werner signed the agreements.
"The EBRD's loan worth $180 million and $32 million in funds allocated from the public budget will be used to reconstruct motorways from the Russian border to Aktoba," Zhamishev said.
He added that the EBRD issued loans for 19 years with a four-year grace period and 6-month LIBOR + 1 percent interest rates.
"The ADB issued loans worth $340 million for 25 years with a 5-year grace period and LIBOR + 0.2 percent interest rates," Zhamishev said.
Kazakh Transport and Communications Minister Abilgazi Kusainov said he plans to finish building the Kazakh section of the Western Europe-Western China motorway in 2012.
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