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Saturday, September 18th, 2021

Bakytzhan Sagintayev meets with EBRD First Vice-President Jurgen Rigterink

by May 16, 2018 Fun

Today, within the framework of the Astana Economic Forum, Prime Minister of the Republic of Kazakhstan Bakytzhan Sagintayev met with the First Vice-President of the European Bank for Reconstruction and Development (EBRD), Jurgen Rigterink.

The discussion focused on issues of implementing current and prospective joint projects in various sectors of the economy, including the mining sector, municipal and transport infrastructure, development of green economy and renewable energy, improving Kazakhstan’s global competitiveness and other spheres.

Over more than 20 years of cooperation, EBRD financed in Kazakhstan 240 joint projects for a total of Euros 7.3 billion. In 2017, 25 new projects worth more than $ 700 million were signed.

The current portfolio of EBRD projects in Kazakhstan consists of 118 projects worth Euros 3.1 billion. Among them is the construction of the Saryarka main gas pipeline along the route Kyzylorda-Zhezkazgan-Karaganda-Temirtau-Astana, the project Reconstruction of the Kurty-Kapshagai section of the Center-South corridor, the sale of assets of NWF Samruk-Kazyna, the introduction of toll roads, the project Reconstruction of the Central-South corridor of the Astana-Karaganda-Balkhash-Kurty-Kapshagai-Almaty highway, Kurty – Burylbaital km 2152-2214 (62 km), Reconstruction of water management and irrigation and drainage systems of Aktobe, Zhambyl and South-Kazakhstan regions and others.

For reference: The EBRD is an international financial organization established in 1991 that finances projects in countries from Central Europe to Central Asia, as well as in the countries of the Southern and Eastern Mediterranean.

Its priorities include assistance to domestic and foreign investments, support to the financial sector, small and medium-sized businesses and infrastructure development through the provision of government loans, loans under state guarantees and without government guarantees. The EBRD is also active in such sectors as natural resources, communications and the agro-industrial complex. December last year saw the signing of the 5000th project since the establishment of the EBRD in 1991. The head office of the EBRD is located in London. The President of EBRD is Sir Suma Chakrabarti (since 2012). Since April this year, J. Rigterink is the First Vice-President of the Bank.

The EBRD’s shareholders are 65 countries and 2 international organizations: the European Union and the European Investment Bank. Exercise of all the powers of the EBRD is entrusted to the Board of Governors, in which each shareholder appoints its manager, usually the Minister of Finance or a person holding a similar position.

Kazakhstan has been a member of the EBRD since July 27, 1992. The EBRD’s permanent representative office in the Republic of Kazakhstan was opened in Almaty (1993) and Astana (2000). The share of the Republic of Kazakhstan in the authorized capital of the EBRD is Euros 69 million (0.23%).

In May 2014, the Government of the Republic of Kazakhstan signed the Framework agreements on partnership with international financial organizations for 2014-2017 (EBRD, World Bank, ADB, IDB), which provide financial and technical support to Kazakhstan to ensure sustainable economic growth and structural reforms. In December 2017, the Government of Kazakhstan and the EBRD signed a new three-year agreement, which is a continuation of the Framework Agreement on Partnership.

Currently, the active portfolio of the EBRD includes 118 projects for a total of $ 3.1 billion, of which the main portfolio of projects falls on the energy sector (44%) and the infrastructure sector (41%). Investments in the private sector reached 45%.

Source: Government of the Republic of Kazakhstan