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Japan offers funds for transport corridor

Business Materials 10 August 2010 13:15 (UTC +04:00)

Azerbaijan, Baku, August 10 / Trend, S. Suleymanov /

Japan will give Kazakhstan a 25-year loan worth 6.361 billion Japanese yen ($70 million) to reconstruct the Western Europe - Western China transport corridor in the Zhambyl region.

A loan agreement was signed today by Kazakh Deputy Foreign Minister Nurlan Yermekbayev and Japanese Ambassador to Kazakhstan Shigeo Natsui.

According to the Kazakh Foreign Ministry, the loan is granted by the Japanese International Cooperation Agency.

"The loan is granted to Kazakhstan at an interest rate of 1.7 percent over 25 years, including a seven-year grace period," the ministry said. "Repayment will be made by the Kazakh Finance Ministry at the expense of funds envisaged in the law on the national budget."

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