ASTANA, Kazakhstan, June 5. International financial institutions and development agencies in the Eurasian region have approved $838.7 million in financing for Kazakhstan in 2023, Trend reports.
This is stated in the first annual study, “Sovereign financing in the Eurasian region: trends and directions,” of the Eurasian Fund for Stabilization and Development (EFSD).
According to the study, the above amount was approved for Kazakhstan through 33 transactions. The funding is aimed at helping implement reforms in fiscal management and the financial sector.
The main creditor of the country is the Asian Development Bank (ADB), which allocated $352.6 million last year.
In general, in 2023, $6.2 billion (337 transactions) of sovereign financing was approved by international financial institutions and development agencies in the Eurasian region.
The ADB and the World Bank are leaders in the volume of approved sovereign financing in the region in 2023, with a total share of 59.7 percent: $1.9 billion (30.7 percent of the total) and $1.8 billion (29 percent), respectively. They are followed by the Asian Infrastructure Investment Bank (AIIB) with $1 billion (16.1 percent), and the Islamic Development Bank (IDB) with $396.7 million (6.4 percent).
Among 11 countries (Azerbaijan, Armenia, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Russia, Tajikistan, Turkmenistan, and Uzbekistan), Uzbekistan ranks first in terms of the amount of funding approved in 2023—$3.2 billion, or 51.6 percent of all funds for the Eurasian region.