ADB to Allocate over US$2 Billion This Year to Support Projects in Central Asia

Asian Development Bank will allocate over US$2 billion this year to support 18 projects in Kazakhstan, Uzbekistan, Kyrgyzstan, and Tajikistan. ADB Country Director for Kazakhstan said that about 40 percent of the allocated funds will be used to finance four projects such as transport, infrastructure, agriculture, and green finance in Kazakhstan.

“We plan that this year we are going to fund something close to US$800 million. Two projects are in agriculture, one is support to livestock value chain development program, the other project which we are now finalizing these days is for the introduction of agro-logistic centers as well as wholesale markets for agricultural products. The other two projects that we have one is in transport, again, and another project is quite innovative as well, is about green finance,” said Giovanni Capannelli, ADB Country Director for Kazakhstan.

ADB is one of the strategic partners of Kazakhstan. The financial institution has supported infrastructural projects worth nearly US$6 billion over 20 years of cooperation. The projects are aimed at the development of the financial and transport sectors.

"Kazakhstan’s role in Central Asia for the Asian Development Bank has always been very large for promoting the sustainable economic development of Central Asia. For example, we have the Central Asia Regional Economic Cooperation Program CAREC and I was explaining before about the roads that we are building for improving the connectivity of Kazakhstan in the context of Central Asia. Only for road construction, Kazakhstan has been a regional economic cooperation program.

Photo: inbusiness.kz