IBRD to finance institutional strengthening of Kazakhstan's justice system
By Aynur Jafarova
The International Bank for Reconstruction and Development (IBRD)
will provide a loan worth $36 million to Kazakhstan for
institutional strengthening of the country's justice system.
Kazakh President Nursultan Nazarbayev signed a law on the
ratification of the corresponding agreement with the IBRD on July
2.
Maturity of the loan is 15 years, including a 5-year grace period.
Moreover, $23.9 million will be allocated to the project from the
state budget.
The project is aimed at the improving Kazakhstan's legal system. It
is expected to strengthen the implementation of key elements of the
legal system, improve service quality and efficiency of the Justice
Ministry and enhance efficiency and professionalism of judges.
Established in 1944 as the original institution of the World Bank Group, the IBRD aims to reduce poverty rate in middle-income countries and creditworthy poorer countries by promoting sustainable development through loans, guarantees, risk management products, and analytical and advisory services.
Currently, the IBRD has 188 member states.