Eurasian Development Bank Pours $900 Million into Kazakh Economy in 2021
The Eurasian Development Bank (EDB) has been a key player in financing investment projects in Kazakhstan, as revealed by Nikolai Podguzov, Chair of the EDB Management Board. As of now, the bank has funded projects worth $900 million in the country this year.
During a recent meeting with Kazakh Prime Minister Olzhas Bektenov, Podguzov shared that by the end of the year, the EDB plans to increase its investments in Kazakhstan to a range of $1.4-$1.6 billion. This signifies a significant growth in investment volume compared to previous years, with $1 billion being invested in 2023.
Bektenov and Podguzov also discussed the bank’s active investment role in Kazakhstan, highlighting the expansion of investment cooperation and the EDB’s involvement in infrastructure projects. Some of the priority projects in Kazakhstan include the implementation of cyclic-flow coal mining technology, the construction of solar power plants, and the reconstruction of key infrastructure like water pipelines and highways.
Bektenov emphasized the importance of EDB as a crucial partner and reliable source of investment for Kazakhstan. He expressed readiness to cooperate on mutually beneficial terms to support the country’s economy through the implementation of vital projects as outlined by the President.
In response, Podguzov reiterated the bank’s commitment to strengthening collaboration on large investment projects. The parties also discussed the diversification of the bank’s investment portfolio, improvement of corporate governance, and enhancing the quality of capital structure.
Established in 2006, the Eurasian Development Bank is an international financial institution with an authorized capital of $7 billion. Its current investment portfolio spans various industries, with energy, transport, and mining sectors being the top contributors. The bank’s active role in supporting infrastructure and economic development in Kazakhstan showcases its commitment to fostering growth and prosperity in the region.
