Kazakhstan Chamber of Commerce in the USA

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World Bank to lend $1 billion to Kazakhstan

Posted on June 02, 2010 by KazCham

(SRI) – The World Bank said last Tuesday it had approved a $1-billion loan to Kazakhstan to provide budget support for the government’s economic program.

The loan will help support the government’s economic program by focusing on fiscal policy, management of the budget and banking regulation, the World Bank said in a statement.

“Kazakhstan is borrowing $1 billion from the World Bank to finance the 2010 republican budget deficit, support growth, and maintain higher social commitments stipulated in the budget,” Bolat Zhamishev, Kazakhstan’s Minister of Finance, was quoted in the statement.

According to Motoo Konishi, World Bank regional director for Central Asia, the approval of the loan reflects confidence by the bank in the “direction of economic policies and reforms of the [Kazakh] government.”

The loan has an interest rate equal to 6-month LIBOR plus variable spread, and a maturity of 25 years, including a three year-grace period.

SOURCE: http://silkroadintelligencer.com/2010/05/30/world-bank-to-lend-1-billion-to-kazakhstan/

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