The World Bank’s Board of Executive Directors has approved a loan in the amount of $600 million to Kazakhstan, marking the first phase of a series of reforms aimed at promoting sustainable and inclusive economic growth in the country. The reforms support Kazakhstan’s transition towards an economy that is greener, has more competitive markets, and is more
Construction of solid waste processing plants in major cities of Kazakhstan was considered at a government session this week. Minister of Ecology and Natural Resources Yerlan Nysanbayev reported that the government approved a mechanism of preferential financing of projects in the field of waste management. This applies to the purchase of rubbish trucks, the launch
The Kazakh-Belgian business forum with the participation of more than 60 officials and representatives of business communities of Kazakhstan, Belgium and Luxembourg was organized on March 12 in Brussels by the Embassy of Kazakhstan in Brussels, as well as the BEСI (Brussels) and BeNeLux (Astana) Chambers of Commerce. While greeting the participants, Ambassador of Kazakhstan
Kazakhstan intends to sign an agreement with Kyrgyzstan on the promotion and protection of investments, KazTAG information agency reported on March 12. “To approve the draft agreement between the government of the Republic of Kazakhstan and the Cabinet of Ministers of the Kyrgyz Republic on the promotion and mutual protection of investments,” says the draft
The U.S. Agency for International Development (USAID) announced the launch of the Business Support Project, a groundbreaking initiative aimed at fostering sustainable and inclusive economic growth in Uzbekistan. The launch event on March 5 marked the beginning of a five-year journey towards enhancing the competitiveness of small and medium enterprises across four key sectors: information
On March 6, the Organisation for Economic Co-operation and Development (OECD), the European Union (EU) and the Asian Development Bank (ADB), in cooperation with the Government of Uzbekistan, launched the “Roadmap for Sustainable Investment Policy Reforms (RSIPR)” Project funded by the EU and ADB. The project will provide a comprehensive assessment of the investment framework currently
The European Bank for Reconstruction and Development (EBRD) says it is providing fresh funds and creating new growth opportunities for women-owned and managed businesses in Uzbekistan by offering a loan of up to US$ 6 million (€ 5.5 million equivalent) to Uzbek Leasing International (Uzbek Leasing). The loan to Uzbek Leasing is extended under the EBRD’s Central Asian Women in
On March 5, the European Union (EU) and the UNDP held the handover ceremony of equipment to the Research Institute of Fisheries to support more sustainable fish farming practices in Uzbekistan. The provided equipment will help to reduce water consumption, improve water quality and energy efficiency in the fish farms, and, in turn, support the welfare of fish, the Delegation of the European Union
The World Bank and the IFC, the private sector arm of the World Bank Group, on March 1 organized the first Conference on Elevating Global Access through E-Commerce (E-GATE) in Tajikistan. In Central Asia, e-commerce is emerging as a powerful tool to tap into global markets for locally made products, modernize traditional supply chains, and foster
The European Bank for Reconstruction and Development (EBRD) says it is promoting green lending in the Kyrgyz Republic by adding three partner banks to its US$ 50 million Green Economy Financing Facility III (KyrSEFF III). Demir Kyrgyz International Bank, FINCA Bank Kyrgyzstan, Kyrgyz Investment and Credit Bank have agreed to engage in lending to small and medium-sized businesses and households across the country.
Kyrgyzstan President Sadyr Japarov on February 28 participated in a ceremony to launch the construction of an automobile assembly plant in the country’s northern Chui region. The plant will assemble electric vehicles, commercial and passenger cars, and special equipment. It is a joint project of the Kyrgyz government, local enterprises, and the Chinese company China
During a working visit to Geneva, Deputy Prime Minister–Minister of Foreign Affairs of Kazakhstan, Murat Nurtleu on February 28 met with the leadership of the Swiss companies INOKS Capital, Stadler Rail, Воѕсhung and MSC. The parties discussed current and new investment projects in Kazakhstan in the priority areas of the national economy – agriculture, mechanical
On February 20 in Ashgabat, Deputy Minister of Foreign Affairs of Turkmenistan Myahri Byashimova met with Leandro Slowinski, the editorial director of The Investor magazine, published by the French consulting company Beyond Investments Group. Mr. Slowinski expressed the interest of the magazine’s editors in researching the trade and economic potential of Turkmenistan for a broader
The Eurasian Development Bank (EDB) has released the latest Macroeconomic Review for its six member states — Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. In the face of a challenging external economic environment, the Review says, the EDB region saw a strong recovery in 2023, with the aggregate GDP of the Bank’s member states increasing
The European Bank for Reconstruction and Development (EBRD) and Shinhan Bank Kazakhstan (SBK) are helping to increase the capacity and attractiveness of Kazakhstan’s major conference hub, the Atakent Business Cooperation Centre in Almaty, by financing its expansion, the EBRD said on February 19. The EBRD will share half of the risk of a KZT 3 billion (US$ 6.6 million) loan
The International Finance Corporation (IFC), a member of the World Bank Group, has announced a subscription of up to $10 million in a landmark local currency green bond issued by Tajikistan’s Eskhata Bank. The first in the country, the bond aims to boost access to climate finance for smaller businesses amid a challenging macro-economic environment.
The European Bank for Reconstruction and Development (EBRD) on February 14 said it has invested $41.99 million into shares of Kazakhstan’s flagship carrier, Air Astana, supporting the country’s first partial privatisation through an initial public offering (IPO). The EBRD’s investment represents a 5 per cent shareholding in Air Astana. The shares will be listed on both the London
On February 12, President of Kazakhstan Kassym-Jomart Tokayev met with Nikolai Podguzov, the chairman of the Eurasian Development Bank’s (EDB) Management Board. Podguzov informed President Tokayev about the Bank’s plans and said that the EDB’s annual investment in Kazakhstan’s economy has exceeded $1 billion for the second consecutive year, the EDB’s press service reported. The EDB
Kyrgyzstan and Turkey have signed a contract for the export of 400 tons of walnuts from the Kyrgyz Republic. The first batch of walnuts will be exported to Turkey on February 15, the Kyrgyz Ministry of Economy and Commerce said. The contract comes as a result of the Kyrgyz-Turkish business forum held in the Turkish
Kazakhstan ranks 8th in the world in the development of online services. In 2023, 50 million services were provided online and citizens received 92% of services without leaving their homes, the Minister of Digital Development, Innovations and Aerospace Industry of Kazakhstan, Bagdat Musin said, summing up the results of Digital Almaty-2024 forum held last week.