Highlights of the Trans-Caspian Route’s Private Sector Development in Kazakhstan – EBRD Director Shares Insights
European Bank for Reconstruction and Development Signs More than $450 Million in Projects in Kazakhstan in 2023
The European Bank for Reconstruction and Development (EBRD) has been active in Kazakhstan for over 30 years, having invested more than $10 billion in nearly 320 projects. In 2023, EBRD signed 21 projects worth more than $450 million in the country. Hüseyin Özhan, EBRD Director for Kazakhstan, discussed the bank’s priorities and ongoing projects in Kazakhstan in an interview with The Astana Times.
Özhan noted that the bank’s active portfolio in Kazakhstan includes around 120 projects and that more than 30 years of partnership has led to significant investments in various sectors such as infrastructure, energy, financial institutions, and support to small and medium-sized enterprises (SMEs). He mentioned that 50% of the projects signed last year were on the green agenda, with two-thirds also having a gender and inclusivity component.
One of EBRD’s key projects in 2023 was the Green Economy Financing Facility (GEFF) Kazakhstan II, which aimed to support green initiatives. The bank also invested in a local currency-denominated bond by KEGOC, the group that runs Kazakhstan’s electrical system. Furthermore, Özhan highlighted EBRD’s commitment to the Middle Corridor, aiming to support infrastructure and transport projects along the trade route connecting Central Asia to Europe.
Özhan shared that EBRD’s focus is on fostering private sector development, supporting economic inclusivity, and promoting Kazakhstan’s green pathway to carbon neutrality. The bank is investing in projects aimed at promoting equal economic opportunities, including a Youth in Business program designed to provide better access to finance and relevant training for young entrepreneurs. Additionally, EBRD has launched a Women in Business program to provide direct support to women-owned and women-managed businesses in the region.
Regarding Kazakhstan’s climate initiatives, Özhan commended the nation’s efforts to increase the rollout of renewables and acknowledged the bank’s role in supporting these ambitious plans.
Lastly, Özhan expressed his optimism about Kazakhstan’s future development and stated that the country had become a home for his family.
To watch the full interview with Hüseyin Özhan, visit The Astana Times’s YouTube channel.
