ASTANA, Kazakhstan, September 15. The European Bank for Reconstruction and Development (EBRD) will provide a loan for the construction of railway lines in the Kazakh capital Astana, Trend reports.
As reported by the bank, the loan is provided to Temirservice Astana LLP for the construction of railway tracks. The loan amount will be 2.8 million euros (about $3 million). The total cost of the project is $4.25 million.
The project aims to support a private company investing in commercial transportation operations and the expansion of rail freight services. As the company noted, the project will also contribute to increasing the company’s profitability.
"The Project will expand railway infrastructure to avoid congestions and CO2 emissions because of increasing demand," the bank said.
The total value of the portfolio of current projects of the EBRD in Kazakhstan is $2.75 billion. Currently, the Bank's portfolio includes 112 projects. In total, the London-based bank has invested about $10 billion in 310 projects in Kazakhstan.