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Eurasian Development Bank to finance projects worth $3.5 bln in Kazakhstan in 2024

According to the statement, the share of Kazakh projects in EDB’s portfolio keeps rising, having reached 59% by the end of 2023

ASTANA, February 12. /TASS/. The Eurasian Development Bank (EDB) is considering financing of potential projects worth over $3.5 bln in Kazakhstan this year, Chairman of the Management Board of the development bank Nikolay Podguzov said at a meeting with Kazakh President Kassym-Jomart Tokayev.

"Investments by the Eurasian Development Bank in Kazakhstan’s economy have exceeded $1 bln for the second consecutive year, Nikolay Podguzov said. It was reported to head of the state that the bank’s annual investments totaled $4.2 bln in 2022-2023, which is almost 1.5 times higher than the plan approved in accordance with the strategy," the president’s press service said in a statement. The share of Kazakh projects in EDB’s portfolio keeps rising, having reached 59% by the end of 2023, according to the statement.

"Information was provided to the president that potential projects the bank is mulling in Kazakhstan in 2024 are worth over $3.5 bln. It is suggested to invest mainly in such strategic sectors as transport infrastructure, thermal power, renewable energy sources, industry, agriculture and water resources," the press service noted.

Podguzov provided research data in the area of the Central Asian water and energy complex. "The bank intends to facilitate Kazakhstan becoming a driver of rational use of water resources, being ready to allocate grant funds in the amount of up to $10 mln for the development of regional centers of expertise on water-saving and energy-efficient technologies, and up to $400 mln for projects aimed at introduction of digital water accounting, capital laser planning of irrigated lands and the creation of a regional production and service cluster to produce cutting-edge irrigation equipment," the press service explained.

In turn, Tokayev welcomed holding EDB’s annual meeting and a business forum with the agenda containing such issues as the water and energy complex of Central Asia, the development of transport and financing instruments, in Almaty this summer. The president stressed the importance of infrastructure projects backed by the bank in Kazakhstan.