Kazakhstan Development Bank and EU Investment Bank Sign €320 Million MoU

Astana, The Gulf Observer: In a significant step towards fostering economic collaboration, Kazakhstan Development Bank and the EU Investment Bank have formalized a memorandum of understanding (MoU) amounting to 320 million euros. The memorandum, aimed at advancing projects in various non-resource-based sectors of Kazakhstan, was signed during the Global Gateway Investors Forum for EU-Central Asia Transport Connectivity held in Brussels on January 29-30.

The signing ceremony witnessed the participation of a Kazakh delegation led by Minister of Transport Marat Karabayev. Deputy Chairman of the Kazakhstan Development Bank, Botagoz Abisheva, and Vice President of the European Investment Bank, Teresa Czerwińska, represented their respective institutions in solidifying the partnership.

The primary objective of the memorandum is to facilitate the development of projects, particularly in the transport sector, that contribute to establishing robust transport connections between Europe and Central Asia. This collaborative effort marks the commencement of a promising partnership between Kazakhstan and the European Investment Bank.

Teresa Czerwińska emphasized that the signing of the memorandum will play a crucial role in bringing the European Union and Central Asia closer together. She highlighted the EU’s commitment to developing stable interconnectivity in the region, with a significant investment of almost 11 billion euros in transport infrastructure, constituting approximately 20% of their overall investments.

Expressing interest in further cooperation with Kazakhstan and the Development Bank of Kazakhstan, Czerwińska underscored the importance of strengthening ties for mutual benefit and regional development.

This strategic collaboration is anticipated to open avenues for impactful projects that enhance connectivity, promote economic growth, and foster closer relations between the European Union and Central Asia.