News Column

Kazakhstan,Philippines : ADB and KAZAKHSTAN sign $2.75 billion SME package

May 7, 2014

The Asian Development Bank and the Kazakhstan will sign a $2.75 billion partnership and co-financing arrangement.

The new deal enlarges the scope of co-operation between the regional bank and the Central Asian government. This agreement furthers the collaboration.

The co-financing agreement will be in areas of mutual interest, but in line with the ADB country strategy. The programme is set to focus on creating opportunities for small and medium enterprises (SMEs) as well as boosting Kazakhstan s banking sector.

The government has a strong focus on SMEs and private sector development. Industrial development is part of the country s diversification. The financial sector has some issues in Kazakhstan.

The general director did not confirm the amount but said that it would be quite sizeable and would be in addition to the country agreements already in place, which are around $1.6 billion.

The new co-operation and co-financing arrangement will respond to the pressing items on the reform agenda.

The co-operation with Kazakhstan revolves around energy. Other areas of involvement include transport infrastructure, such as the creation of transport corridors.

Recently water, energy, poverty reduction and business development are all high on the country s priority list and that Kazakhstan is looking to grow its support for the ADB .

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: TendersInfo (India)