Azerbaijan, Baku, Dec. 21/ Trend /
The European Bank for Reconstruction and Development is supporting the modernisation of public transport in Almaty with a US$ 36 million (€27 million) loan to KGP "Almatyelectrotrans", a municipal public transport company, the bank reported.
The investment is part of the Bank's wider approach to assist Kazakhstan's largest city in reforming its urban transport system.
KGP "Almatyelectrotrans" (AET) is one of the 19 transport companies serving the city of Almaty, and it currently operates trams and trolleybuses and is planning to extend its activity by introducing bus services. The majority of the trolleybuses used for passenger transport in the city are out-dated and in poor technical condition.
The EBRD's loan will be used to purchase 200 new low floor trolleybuses.
The project complements the Bank's first two investments to AET signed in November 2009 and in October 2010 which focused on modernising Almaty's trolleybus substations and on purchasing new buses.
"This latest investment is the EBRD's six municipal service project in Kazakhstan. The EBRD shares Almaty's strong determination to reform the city's public transport system. With the Bank's support, over 2012-2013 the municipal authorities will be able to replace more than hundred old and worn-out trolleybuses with new modern vehicles increasing the city's fleet to 250 trolleybuses and providing passengers with better and more reliable services," said Michael Weinstein, EBRD Director for Kazakhstan.
The EBRD, as the largest financial investor in Kazakhstan outside the oil and gas sector, has invested over €2.8 billion in over 130 projects in various sectors of the Kazakh economy, mobilising additional investments in excess of about €7 billion, with 65 per cent of the projects' being investments into the development of the country's private sector.