ADB plans to expand Kazakhstan co-financing model to other countries

The Asian Development Bank (ADB) says it plans to extend a co-financing model used in Kazakhstan to other countries, following more than a decade of experience with the programme.

Speaking at the Eurasian Development Bank's annual meeting and business forum in Almaty, ADB's country director for Kazakhstan, Utsav Kumar, said the approach had been in place since 2013 through the Knowledge and Experience Exchange Programme (KEEP), Caliber.Az reports, citing local media.

The model requires the ADB and participating governments to share costs equally, with each side contributing at least 50% of project funding.

According to Mr Kumar, the programme supports knowledge-sharing initiatives, institutional capacity building and the preparation of investment projects.

He said the bank was now looking to replicate the model in other countries, particularly those classified as upper-middle-income economies.

Mr Kumar said one of the key benefits of the arrangement was that it encouraged both sides to take joint responsibility for projects. He added that it also enabled international financial institutions to draw on expertise from across the ADB's developing member countries.

The ADB has been working closely with Kazakhstan's government and public agencies on co-financing mechanisms and plans to continue discussions on expanding the approach, he said.

By Aghakazim Guliyev