Minister of National Economy Nurlan Baibazarov has stated that Kazakhstan is taking a loan of $300 million from the Asian Development Bank (ADB) to build the Kyzylorda – Zhezkazgan road.
According to Informburo.kz, he considers this deal to be beneficial.
"Today we will sign an agreement with the Asian Development Bank regarding the construction of the Kyzylorda – Zhezkazgan highway. The ADB will give Kazakhstan $300 million, on very favourable terms. They are lending it for 20 years, a very long period. In my opinion, this is good investment because there has never been a road between Kyzylorda and Zhezkazgan", the statement reads.
The minister added that the ADB plans to issue the loan at 3-4%. Construction work on the road is expected to begin next year.
For context, in December 2023, the ADB already lent the Kazakh government $350 million to support fiscal management and financial sector reforms.
And in July of this year, the Kazakh electricity grid management company JSC "KEGOC" agreed a loan of 58.2 billion tenge from the ADB.