EBRD to fund the reconstruction of a road between Astana and Almaty

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A preliminary agreement on funding the project on reconstruction of the Kurty-Kapshagay road section was signed.

Kazakhstan Finance Minister Bakhyt Sultanov and President of the EBRD Suma Chakrabarti singed a preliminary agreement between the Ministry of Finance of the Republic of Kazakhstan and the European Bank for Reconstruction and Development to fund the project on reconstruction of the Kurty-Kapshagay road section (67 km) for up to 106 million dollars at the annual session of the Board of Directors of the European Bank for Reconstruction and Development, BNews.kz correspondent reports with reference to the press service of the Ministry of Finance of Kazakhstan.

The project will be implemented as part of the state program of infrastructure development “Nurly zhol” in the road sector that will facilitate to the creation of effective transport and logistics infrastructure. The aim of the project is to reconstruct Kurty-Kapshagay road section that connects Almaty and Astana. Administrative and fund allocation issues will be conducted by the project’s administrator – the Ministry for Investments and Development of the Republic of Kazakhstan.

Kazakhstan notes that the European Bank for Reconstruction and Development remains one of the key strategic partners of the Republic of Kazakhstan and singing of the agreement proves the high trust between the sides and serves as a brilliant proof of strengthening cooperation.

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