ALMATY, Kazakhstan, July 2. Kazakhstan has extensive transit opportunities that need to be used effectively, ex-chairman of the National Bank of Kazakhstan, Advisor to the Chairman of the Board of the Eurasian Development Bank (EDB), Grigory Marchenko, told Trend on the sidelines of the EDB Annual Meeting and Business Forum in Almaty.
"We are not just supporting transport projects in Kazakhstan. This is one of the main directions of our activities. We call it a transport backbone. It involves both the North-South and the East-West corridors. Speaking of Kazakhstan, the country's broad transit opportunities must be effectively utilized.
Regarding the North-South direction, one route goes through Russia and Azerbaijan, and another through Kazakhstan and Turkmenistan. Therefore, we believe that having multiple corridors provides alternatives in cases where issues arise on one route.
There are also corridors to the Baltic Sea through the territories of Kazakhstan and Russia and a corridor through the South Caucasus, which we have been discussing for a long time," he pointed out.
According to him, EDB believes that all these transport corridors need to be developed.
"It's because they handle huge volumes of trade with East Asia, namely China, Korea, and Japan, as well as with Western Europe. The more of this traffic we (Kazakhstan) can attract, the more both we and you (Azerbaijan) will benefit financially. In this regard, the development of the Eurasian transport backbone is one of the main strategic tasks of our bank. That's why we support and participate in such projects," Marchenko explained.
He also mentioned that the financing volume for such large projects is substantial, so various co-financing schemes are possible with development banks and international financial institutions, including the World Bank, Asian Development Bank, and European Bank for Reconstruction and Development.
"For example, we have implemented two major projects jointly with other international financial institutions, such as the Almaty Airport and BAKAD (Big Almaty Ring Road). In general, very large projects always involve a consortium of international, regional, or national banks for project financing," he added.
To note, the EDB is an international financial organization that carries out investment activities aimed at developing economies, trade and economic relations, and integration processes in the countries of the Eurasian region.
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