BAKU, Azerbaijan, June 9. The Asian Development Bank (ADB) and the Government of Kazakhstan signed a supplementary agreement for the Knowledge and Experience Exchange Program (KEEP), Trend reports.
The document was signed during the visit of ADB President Masatsugu Asakawa to Kazakhstan.
The new phase of KEEP, with equal co-financing and joint management by ADB and the Government of Kazakhstan, will allocate $3 million to fund priority socioeconomic research and capacity development.
Furthermore, the ADB president also met with President of Kazakhstan Kassym-Jomart Tokayev. During the meeting, he said that the bank will provide assistance to Kazakhstan in converting its climate commitments into investments that support sustainable initiatives and expanding its access to global climate finance opportunities.
“We recognize Kazakhstan’s significant climate change financing needs, including the need to crowd in private sector investments,” said ADB President Masatsugu Asakawa. “We will continue supporting Kazakhstan to mobilize climate change investments aligned with its climate targets.”
Moreover, the ADB President also participated in the signing of a loan agreement to modernize a combined heat and power plant in Almaty.
This project is anticipated to have a substantial impact on reducing carbon emissions and enhancing air quality in Kazakhstan's largest city, all while ensuring that residents can maintain adequate heating during the country's harsh winters.