...

Asian banks to provide Kazakhstan with anti-COVID-19 loans

Finance Materials 11 December 2020 10:36 (UTC +04:00)
Asian banks to provide Kazakhstan with anti-COVID-19 loans

BAKU, Azerbaijan, Dec.11

Trend:

The Kazakh Parliament’s Senate (Higher Chamber) adopted the Law 'On ratification of the loan agreement (Routine operations) (Active measures to combat COVID-19 and Cost Support Program) between the Republic of Kazakhstan and the Asian Development Bank (ADB)’, Trend reports referring to Kazakh media.

"Draft laws ‘On the ratification of the Loan Agreement (Routine Operations) (Active measures to combat COVID-19 and the cost support program) between the Republic of Kazakhstan and the ADB’ and ‘On the ratification of the Loan Agreement (Active measures to combat COVID-19 and the cost support program) between the Republic of Kazakhstan and the Asian Infrastructure Investment Bank are submitted to your consideration," said Finance Minister Yerulan Zhamaubayev at the senate’s plenary meeting.

According to him, the value of the loan agreement with the ADB signed in compliance with decrees No. 385 and 386 dated August 13, 2020 of Kazakhstan’s President made up over 908.5 million euro, and with the Asian Infrastructure Investment Bank - 661.8 million euro.

The loans will be used to finance the 2021 budget deficit of the country.

"The attracted loans will be serviced and repaid by the Ministry of Finance via the budget funds based on the financial terms of the agreements," concluded the minister.

Tags:
Latest

Latest