A new World Bank report highlights Kazakhstan’s progress in reducing poverty and the challenges ahead for inclusive growth, stressing that the pace of poverty reduction has slowed in recent years despite significant advances since the early 2000s. According to the “Kazakhstan Poverty and Equity Assessment 2024” report, making fiscal policy more pro-poor, improving the quality of education, and strengthening
Kazakhstan’s national railways company, Kazakhstan Temir Zholy (KTZ), has launched a new electric train connecting the country’s capital, Astana, and Borovoye, one of the country’s most popular resorts. Borovoye is the commonly used Russian name of the Burabay National Park, located just 250 kilometers north of Astana and famous for its pine forests and beautiful
The Eurasian Development Bank (EDB), the Ministry of Economy and Commerce and the Ministry of Energy of the Kyrgyz Republic have signed a trilateral Memorandum of Cooperation on the Suusamyr-Kokomeren HPP Cascade Project. An essential factor in Kyrgyzstan’s economic development is increasing energy capacity by utilising the natural hydropower potential of its rivers. The construction
The Eurasian Development Bank (EDB), the Islamic Development Bank (IsDB) Institute, and the London Stock Exchange Group (LSEG), in the spirit of promoting Islamic Finance in Central Asia, have held a panel discussion, “Bridging the Capital Road: CIS & GCC,” as part of the Islamic Banking program at Abu Dhabi Finance Week (ADFW). This panel highlighted the transformative
On December 11, Kazakhstan Prime Minister Olzhas Bektenov held a meeting of the Board of Directors of JSC National Company Kazakh Invest to review the results of the company’s work and plans for further attraction of investments into the country’s economy. Chairman of the Board of NC Kazakh Invest JSC Yerzhan Yelekeyev reported that this
The Eurasian Development Bank (EDB) has published its Macroeconomic Outlook, summarizing a preliminary overview of economic developments in the Bank’s six member states — Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan — in 2024, along with key macroeconomic projections for 2025, as well as for 2026 and 2027. EDB analysts estimate that GDP growth in
The Eurasian Development Bank (EDB) and Eurasian Logistics Park LLP have signed a loan agreement for the construction of a Class A industrial and logistics complex in the Almaty region of Kazakhstan. The loan amounts to 16.6 billion tenge. The project provides for the construction of two modern warehouse buildings with a total area of 50
On December 5, the Eurasian Development Bank (EDB) and the Cabinet of Ministers of the Kyrgyz Republic signed an agreement on the provision of technical assistance for the Bishkek—Kuntuu—Belogorka—Suusamyr Highway Construction project. The technical assistance project includes the development of a preliminary feasibility study for the construction of an alternative highway that will connect Bishkek with
The European Bank for Reconstruction and Development (EBRD) says it is contributing to greater energy security in Kazakhstan and helping to improve the reliability of its power supply system by arranging €267 million in financing for the Kazakhstan Electricity Grid Operating Company (KEGOC). The financial package consists of a Bank loan of up to €252 million and a concessional
The Asian Development Bank (ADB) has approved a $22.58 million small expenditure financing facility (SEFF) that will support activities to boost project readiness and make project implementation more efficient and sustainable in Kyrgyzstan. The financing includes a $13.36 million concessional loan and a $9.22 million grant from the Asian Development Fund. It will fund project preparatory
On November 29, at the Uzbek Ministry of Investment, Industry and Trade, the Investment Agreement for the construction of a 300 MW solar power plant and a 75 MW energy storage system in the Karmana district of the Navoi region of Uzbekistan was signed. The ceremony was attended by Laziz Kudratov, Minister of Investment, Industry
On November 28, an Uzbek-Turkish business forum was held in Tashkent as part of the visit of a delegation of Turkish business circles headed by Chairman of the Ostim united industrial zone Orhan Aydin. It was attended by Uzbek Deputy Minister of Investment, Industry and Trade Akram Aliyev and heads of more than 200 large
Kyrgyzstan and German companies have signed an investment agreement on a project to build and operate two floating solar power plants on the surface of the reservoir of Kyrgyzstan’s largest Toktogul hydroelectric power plant. The agreement was signed on November 26 between the Kyrgyz Cabinet of Ministers and Sonnenenergie, a.s., AB Progressio GmbH, and LTI
On November 27, Uzbekistan President Shavkat Mirziyoyev chaired a meeting to discuss the current state of attracting foreign investment and plans for the next year. It was stated at the meeting that over the past 10 months, Uzbekistan has attracted more than $26 billion in foreign investment, a 1.7-fold increase compared to last year. These
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:
