EBRD plans record annual financing for Kazakhstan PHOTO

The European Bank for Reconstruction and Development plans to increase its investment in Kazakhstan to more than €1.3 billion this year, marking a record level of annual financing, EBRD President Odile Renaud-Basso said during talks with Kazakh Prime Minister Olzhas Bektenov.

The announcement came during a series of high-level meetings held on the sidelines of the 38th plenary session of the Foreign Investors' Council under the chairmanship of Kazakh President Kassym-Jomart Tokayev, Caliber.Az reports, citing Kazakh media.

Bektenov and Renaud-Basso discussed expanding cooperation in transport, social and industrial infrastructure, digitalization, artificial intelligence, the financial sector and business support as part of Kazakhstan's broader economic development agenda.

The prime minister praised the EBRD's role in improving the country's investment climate and promoting sustainable economic growth.

The EBRD has invested approximately $12.7 billion in Kazakhstan through 354 projects, making the country one of the bank's largest investment destinations in Central Asia.

According to Renaud-Basso, the EBRD has already committed more than €800 million to projects in Kazakhstan this year, with total investment expected to exceed €1.3 billion by the end of 2026.

Bektenov also held separate meetings with senior executives from ExxonMobil and Marubeni Corporation to discuss expanding cooperation in the energy, industrial and technology sectors.

Talks with ExxonMobil focused on progress in major projects, including the Tengiz and Kashagan oil fields and the Caspian Pipeline Consortium, while discussions with Marubeni centered on strengthening Kazakhstan-Japan economic cooperation and exploring new investment opportunities.

The meetings concluded with both sides reaffirming their commitment to deepen cooperation, advance ongoing projects and launch new investment initiatives in key sectors of Kazakhstan's economy.

By Vafa Guliyeva