ASTANA, Kazakhstan, November 26. Kazakhstan has ambitious plans to diversify transport routes and decarbonize the energy sector, so the Asian Infrastructure Investment Bank (AIIB) sees huge potential for cooperation in the transport and renewable energy sectors with Kazakhstan, a source at the AIIB told Trend.
As the source noted, AIIB is actively supporting renewable energy and transportation projects in Kazakhstan.
The bank believes that Kazakhstan, given its geographical features and being located in the heart of Eurasia, is dynamically developing as a modern transit hub, connecting China, Russia, and Asian countries.
According to the source, the AIIB is closely working with the government of Kazakhstan on projects in the fields of energy infrastructure and green technologies.
The source noted that, in total, the bank allocated $876.7 million to finance projects in the country.
One of the Bank’s key projects in Kazakhstan is the Zhanatas 100 MW Wind Power Plant, where $46.7 million has already been invested to develop, construct, and operate a wind farm with a capacity of 100 MW.
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is to finance the Infrastructure for Tomorrow - infrastructure with sustainability at its core.
The bank began operations in Beijing in January 2016 and has since grown to 109 approved members worldwide. The bank is capitalized at $100 billion and Triple-A-rated by the major international credit rating agencies.
Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled, and promotes regional connectivity. Having reached its first corporate commitment on July 1st, AIIB projects are now also fully Paris-aligned.
In the beginning of November, AIIB signed a $36 million loan agreement for the development, construction, and operation of another 100-megawatt (MW) wind power plant in the Zhambyl region of southern Kazakhstan.
The project is co-developed by China Power International Holding and Visor International DMCC and will be co-financed by the European Bank for Reconstruction and Development. It will also be supported by concessional financing of up to $10 million from the Green Climate Fund and up to $5.7 million from the Clean Technology Fund.
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