Kazakhstan ratifies loan agreement with ADB for reconstruction of highway
Kazakhstan, Astana, Oct. 30 /Trend D.Mukhtarov/
Kazakhstan's Majilis (Lower Chamber of Kazakh Parliament) approved a draft law on ratification of the loan agreement for the 'CAREC Corridor 2 (Mangystau Oblast Sections) Investment Programme' with the Asian Development Bank (ADB) on Wednesday at a plenary session, the press service of the Majilis reported.
According to the report, the loan agreement provides for the granting of a $371.3 million loan to finance the reconstruction of the 170 kilometre section of the Shetpe-Aktau highway between 632.3 kilometres and 802 kilometres. Reconstruction of the Beineu-Aktau highway will attract international traffic flow through Kazakhstan and Mangystau Oblast.
The draft law on ratification of the additional agreement #1 to the loan agreement dated March 30, 2009 (South West Road Project: Western Europe - Western China international transit corridor) with the European Bank for Reconstruction and Development was considered at the plenary session.
These funds are meant for the reconstruction of a 62 kilometre long section between the Zhibek Zholy (Silk Way) border post at the border with Uzbekistan and the 742 kilometre Tashkent-Shymkent highway (South West Road Project: Western Europe - Western China international transit corridor).