BAKU, Azerbaijan, August 18. Kazakhstan Railways (Kazakhstan Temir Zholy - KTZ), the national railway company, issued bonds worth 118.9 billion Kazakh tenge ($267.1 million) on the Kazakhstan Stock Exchange (KASE) with a maturity period of 2 years on July 22, 2022, a source at the company told Trend.
The European Bank for Reconstruction and Development (EBRD) and the Eurasian Development Bank (EDB), among other foreign financial institutions, expressed strong interest in the bond sale, according to the source.
According to the corporation, all of the money acquired through the bond sale was used to redeem KTZ's short-term obligations, which were then used to refinance existing loans.
KTZ has also listed a number of current and upcoming projects as part of its dedication to the growth of the Trans-Caspian International Transport Route (TITR or Middle Corridor) and the extension of its transit potential.
"These include the construction of the Dostyk-Moyinty section (currently in progress), the Darbaza-Maktaaral line, and the Almaty Bypass. In addition, KTZ plans to enhance the capacity of the Aktau Seaport, with financing for these projects being considered from various financial development institutions, including the development financial institutions," said the source.
According to the KTZ, the company is currently considering the possibility of financing the Almaty Bypass project through a loan from financial development institutions, including the European Bank for Reconstruction and Development.