Kazakhstan’s national railway company Kazakhstan Temir Zholy (KTZ) has announced that the first return container train along the Trans-Caspian International Transport Route (TITR) departed on November 24 from Baku, Azerbaijan to Xi’an, China via Kazakhstan. The train, consisting of 62 containers with petroleum coke, will travel along the TITR after reverse loading and will return
The European Bank for Reconstruction and Development (EBRD) says it is helping one of Uzbekistan’s first digital financial institutions, TBC Bank Uzbekistan (TBC UZ), to expand its services and provide lending to micro and youth-led or owned businesses as well as women entrepreneurs across the country. A senior loan of up to US$10 million (€9.1 million equivalent)
On November 22, Tashkent hosted the opening of the regional office of the Export-Import Bank of China (China Exim Bank). The ceremony was attended by Yang Dongning, Vice President of China Exim Bank; Yu Jun, Ambassador of China to Uzbekistan; Ilzat Kasimov, Deputy Minister of Investment, Industry, and Trade of Uzbekistan; and representatives from the business
Chairman of the Management Board of JSC National Company Kazakh Invest Yerzhan Yelekeyev held a meeting with Li Yantao, the founder of Qingdao Wanlin Food Co., Ltd, to discuss the company’s plans to build a plant for the production of dehydrated onions in Kazakhstan. Wanlin specializes in the production of food products, particularly deep processing of agricultural products. Wanlin representatives
To create a Horse Breeding Institute in Kazakhstan in the shortest possible time was a task set by President Kassym-Jomart Tokayev at the first forum of agricultural workers, held on November 15 in Astana. Fulfilling the task, the Kazakh Research Institute of Horse Breeding and Forage Production has been established in Aktobe, the Ministry of
The Asian Development Bank (ADB) has approved a $250 million policy-based loan to support the Government of Uzbekistan’s efforts to strengthen institutional frameworks for climate transition, enhance links and interaction of climate change adaptation priorities, and accelerate climate change mitigation actions. The Accelerating the Climate Transition Program will support the Government of Uzbekistan in three reform areas:
Turkmenistan remains the only state in Central Asia with no free economic zones operating in the country. Although the Law on Free Economic Zones (FEZs) was enacted in Turkmenistan in October 2017, no free economic zones are known to be in operation, according to the U.S. Department of State’s 2024 Investment Climate Statements: Turkmenistan. The
On November 13, Kazakhstan’s Prime Minister Olzhas Bektenov held a government meeting on the development of the industry of rare and rare earth metals. Kazakhstan is home to one of the world’s three full-cycle plants for the production of beryllium and scandium, and one of the world’s four tantalum and niobium production facilities. According to
On November 12, Kazakhstan’s Prime Minister Olzhas Bektenov took part in the opening of Korkyt Ata airport’s new terminal in Kyzylorda. The launch of the new terminal will increase the capacity of the air harbour from 300 thousand to 2 million passengers per year. The renovated Korkyt Ata terminal meets the high standards of the
The Asian Development Bank (ADB) and the Government of Kazakhstan have moved a step closer toward the possible early retirement of a coal plant in Kazakhstan under the bank’s Energy Transition Mechanism (ETM) program. Under a memorandum of understanding (MOU) signed at COP29 by ADB and Kazakhstan’s Ministry of Energy, the two sides will work toward a
The parties signed the relevant agreement at the UN Climate Change Conference (COP29) held in Baku. Kazakh Deputy Prime Minister and Minister of National Economy Nurlan Baybazarov noted that this is the largest project financed by the Islamic Development Bank in its history, the press service of the Kazakh Government reported. In addition, the Islamic Development
On November 10-11, a delegation from Uzbekistan, led by Minister of Investment, Industry, and Trade Laziz Kudratov, visited Qatar. The Uzbek delegation participated in the inaugural meeting of the Intergovernmental Commission on Economic Cooperation and attended the Uzbek-Qatari Business Forum, engaging in discussions with leaders from Qatar’s key companies. In his opening remarks at the Commission
In Xi’an (China), Yerzhan Yelekeyev, the Chairman of the Board of JSC National Company Kazakh Invest, took part in the opening ceremony of the office of Shaanxi Baosheng Silk Road Construction Engineering Co., Ltd, an independent partner of the national company in China. The Chinese company has opened a representative office within the framework of a cooperation
The Asian Development Bank (ADB) and Ipak Yuli Bank have signed a 625 billion Uzbek sum loan (equivalent to about $50 million) to enhance access to financing for urban micro, small, and medium-sized enterprises (MSMEs) in Uzbekistan. A majority of loan proceeds will be allocated to support financial inclusion for MSMEs, 60% outside the capital
Climate action offers Tajikistan an opportunity to rejuvenate its economy and create jobs while protecting its people from the growing risks of extreme weather events induced by climate change, says the World Bank Group’s Tajikistan Country Climate and Development Report (CCDR), released on November 7. “Tajikistan is in urgent need of an economic reset that can help
Kazakhstan has signed eight commercial agreements worth $2.5 billion with Chinese companies, significantly enhancing bilateral economic relations between the two countries. The agreements were signed on November 4 during Kazakh Prime Minister Olzhas Bektenov’s visit to Shanghai, RFE/RL reported. The agreements support a broader strategy of the two countries to double trade turnover, which reached
Climate finance, infrastructure, agriculture, and micro and smaller businesses in Central Asia were just some of the areas that benefited from strong funding from IFC, a member of the World Bank Group, over the last fiscal year. The funds, coupled with advisory support, are helping to increase private sector participation, create jobs, boost financial inclusion,
On November 1, the VII Kazakhstan Global Investment Roundtable (KGIR-2024) was held in Astana under the “Global Investment Trends: A Vision of the Future” agenda. Speaking at the forum, Kazakhstan Prime Minister Olzhas Bektenov noted that the roundtable is a logical continuation of the meeting of the Foreign Investors’ Council, which was held the day
The European Bank for Reconstruction and Development (EBRD) says it is helping Uzbekistan to further decrease its reliance on carbon-intensive thermal-power generation and will facilitate the country’s transition to a low-carbon economy by providing funds to construct a solar plant in the Khorezm region of the country. The EBRD’s financial package of up to US$ 54.6 million
The International Finance Corporation (IFC), a member of the World Bank Group, has announced a $240 million Islamic Equity Bridge Loan (EBL) financing for ACWA Power to support the development of Uzbekistan’s renewable energy sector. IFC’s financing will support the construction and operation of two projects, with a cumulative capacity of a 1-gigawatt solar PV
