www.kazautozhol.kz. EBRD will finance reconstruction of Kurty-Burylbaital section of “Center – South” corridor within the framework of “Nurly zhol” program implementation

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Today during the Central Asian Investment Forum, organized by the European Bank for Reconstruction and Development and the Financial Times in Istanbul, EBRD and "KazAvtoZhol" national company signed a loan agreement about financing of the "Centre-South" transit corridor section reconstruction.

Funds in the amount of 103 million USD will be spent on the reconstruction of Kurty - Burylbaital road section with the length of 81 km. The total length of the road between the settlements of Kurty and Burylbaital is 228 km. The road is part of the "Center-South" corridor.

The signing of the loan agreement is the first step in implementing of preliminary agreement between the Ministry of Finance, "KazAvtoZhol" company and the EBRD, signed in November 2015 during the visit of the Head of State to the UK.

It should be noted that since the signing of the preliminary agreement the company "KazAvtoZhol" with the support of government agencies carried out extensive work on the preparation of the necessary documentation to obtain the loan. As a result, the loan amount has been adjusted downwards by 140 million USD up to 103 million USD.

Full reconstruction of the transport corridor connecting Astana and Almaty ("Center-South" corridor), stipulated in "Nurly Zhol" State program of infrastructure development. Currently reconstruction of key sections of Astana - Temirtau and Almaty - Kapshagai is approaching to completion.

For a long time the poor state of Kurty - Burylbaital section restrained transit cargo and passenger traffic. The project implementation will significantly improve traffic safety, increase the transit potential of the corridor and will promote social and economic development of regions.

Reference: To participate in the forum according to the invitation of the EBRD and the Financial Times the investors, politicians, experts from Kazakhstan, Kyrgyz Republic, Mongolia, Tajikistan and Turkmenistan gathered. The forum is held under the chairmanship of the President of the European Bank for Reconstruction and Development Sir Sum Chakrabarti. The Kazakhstan delegation was represented by the Minister of Finance Mr. Bakhyt Sultanov, Kazakhstan Ambassador to the Republic of Turkey Mr. Zhanseit Tuymebayev.

Commodity dependence era ending, the possibilities of diversification, as well as the construction of infrastructure in the region in light of the new regional programs of the Silk Road, and improved trade relations with Russia, China and Europe were discussed on discussion platforms.