International Development Banks to Invest Billions of Dollars in Kazakhstan
Photo: Ministry of Transport
Kazakhstan has signed agreements with the Asian Development Bank and the Islamic Development Bank. Under the deals, the two international institutions will invest significant sums in projects in Kazakhstan, including the modernization of heat supply systems and the reconstruction of the road bypassing Kyzylorda, Orda.kz reports.
The Asian Development Bank has agreed to implement 15 projects in Kazakhstan by 2029 with a total value of $5.4 billion. The projects cover different sectors of the economy, but the key ones relate to the modernization of heat supply systems across the country. Energy Minister Yerlan Akkenzhenov and ADB representative Yevgeniy Zhukov said foreign investment in the sector became more attractive after the adoption of a new law on heat power engineering in 2024. The law provides investors with greater income predictability through tariff regulation for thermal energy. One of its goals is to improve the investment attractiveness of the heat power sector.
Projects financed with ADB funds are expected to improve energy efficiency, reduce losses, and modernize equipment at CHP plants, boiler houses, and heating networks. In addition, the government plans to use the bank’s investments to reduce atmospheric emissions.
The Islamic Development Bank, in turn, has agreed with the national company KazAvtoZhol on the reconstruction of the 25-kilometer road bypassing Kyzylorda. The bank will allocate 40.7 billion tenge for the project. KazAvtoZhol expects the reconstruction to redistribute traffic flows, improve comfort and road safety, and create additional conditions for the region’s social and economic development.
The reconstructed road is expected to reduce travel time. The project is also designed for three years and is due to be completed in 2029.
Original author: Alexey Afonsky
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