IBRD issues $ 21 million for Kazakhstan
By Sara Rajabova
International Bank for Reconstruction and Development will allocate $ 21 million to Kazakhstan to improve energy efficiency under the agreement reached between the sides.
The members of the Senate (upper house) of the Kazakh parliament ratified the agreement between Kazakhstan and IBRD on grant for the project "Promoting energy efficiency in Kazakhstan", according to Kazakh media.
Senate committee on economic policy, innovation and entrepreneurship development said the agreement between Kazakhstan and IBRD signed on June 12, 2014 envisages implementation of economically sound projects to improve energy efficiency in public and socially significant objects.
This project is funded by a grant from the Swiss Agency for Development and Cooperation, which is allocated through Trust fund established in the IBRD, according to committee.
Also, under the agreement the World Bank gives consent to the allocation to Kazakhstan on the terms and conditions set forth or referred to in this agreement, a grant in the amount of & 21,763 million to assist in financing the project, in turn Kazakhstan declares its commitment to the objectives of the project and provides its implementation.
At the same time, the project aims to improve the program and institutional framework in the field of energy efficiency, enabling to develop and implement sustainable energy financing.
The World Bank Group consists of five organizations: IBRD, the Multilateral Investment Guarantee Agency, the International Finance Corporation, the International Development Association, and the International Center for the Settlement of Investment Disputes . Kazakhstan is currently a member of almost all of these organizations except for IDA.
As a developing country in posts-Soviet Central Asia, Kazakhstan became a member of IBRD and MIGA in July 1992, IFC in September 1993, and ICSID in October 2000. Since 1992, the IBRD has provided more than twenty loans to Kazakhstan to implementation of different projects.
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Sara Rajabova is AzerNews’ staff journalist, follow her on
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