WB considers funding projects in Kazakh national currency
Baku, Azerbaijan, October 11
By Nargiz Sadikhova - Trend:
International financial institution The World Bank (WB) is working on the issue of funding its projects in national currency of Kazakhstan (tenge), Rakhymzhan Assangaziyev World Bank Senior Project Manager in Kazakhstan said, Trend reports with reference to Kazakh media.
“In regards of borrowing in national currency – the issue is being developed within the existing projects that are being prepared for approval,” he said.
He added, that bank terms in providing loans in freely convertible currency are quite flexible.
“But besides that there is a number of factors, which allow to convert both withdrawn and not withdrawn loan funds into other currencies, and the negotiations on the issues are being held with Kazakh Ministry of Finance,” Assangaziyev said.
WB is a source of financial and technical assistance to developing countries around the world. Established in 1944, the WB provides low-interest loans, zero to low-interest credits, and grants to developing countries.
Follow the author on twitter: @nargiz_sadikh