Azerbaijan, Baku,May 2 / Trend E. Kosolapova/
Kazakh Senate (Parliament's Lower Chamber) ratified the Loan Agreement between Kazakhstan and the International Bank for Reconstruction and Development on financing of reconstruction and construction of road sections, bridges, interchanges and auxiliary facilities of the Almaty-Khorgos road section, which is a part of the Western Europe-Western China international transit corridor, the Senate's press-service reported.
"The Agreement will ensure the development of the transport capacity of the country, will greatly enhance the traffic flow through Kazakhstan's part of the international corridor, contribute to increase in goods transit and the budget revenue at all levels," the Senate's press-service reported.
Moreover, the Senate passed the law on ratification of the Letter of Agreement between Kazakhstan and the International Bank for Reconstruction and Development on financing of the 'Shymkent - Zhambyl region's border' road reconstruction, which is one of the main sections of the Western Europe - Western China international transit corridor.
The Agreement envisages the construction of a 79.5-km road for the money saved from the loan provided by the International Bank for Reconstruction and Development with co-financing from the national budget.
Construction of the international Western Europe-Western China highway started in 2009. According to Kazakh Transport and Communication Ministry, in 2013, 1,406 kilometers of highways will be built in Kazakhstan within the Western Europe-Western China transport corridor project implementation. In particular, in 2013, Kazakhstan will launch construction of the 65 kilometers long highway bypassing the city of Taraz and the 79 kilometers long international highway from the city of Shymkent to the border of Zhambyl region. Moreover, the 304 kilometers long section of the Almaty - Khorgos highway is planned to be reconstructed in the second half of the year. 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 ADB (Asian Development Bank) and the IDB (Islamic Development Bank).
The International Bank for Reconstruction and Development (IBRD) is one of five institutions that make up the World Bank Group.