WB approves $978M loan to improve transport links in Kazakhstan

The World Bank (WB) has approved a $978 million loan to improve transport links along the Kazakhstan Center West Corridor and strengthen the capacity of the local authorities to better manage and preserve roads, the WB said in a message June 10.

The Center West Corridor Project will finance construction of about 1,014 km of road sections between Astana and Shalkar, a missing road link between Kazakhstan's center and west (from Astana via Aktobe to Aktau), according to the message.

The implementation of the five-year project (2016-2021) will start after the country approval process is completed in Kazakhstan.

The project will be financed through a $978 million loan of the International Bank for Reconstruction and Development (IBRD, World Bank institution), with a 24-year maturity period and a 6-year grace period, with $133.34 million in co-financing from the government of Kazakhstan.

/By Trend/