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Kazakhstan Plans to Borrow $2.2 Bln from External Markets

Tuesday 31 January 2012

(Reuters) – Kazakhstan plans to borrow about $2.2 billion this year from external markets to fund a series of projects, including a transport corridor from China to Europe, its finance minister said on Monday.

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President Nursultan Nazarbayev identified the China-Europe transport corridor as a major project. The six CAREC corridors link the region’s key economic hubs to each other, and connect the landlocked CAREC countries to other Eurasian and global markets. The Implementation Action Plan for the CAREC Transport and Trade Facilitation Strategy presents an aggressive investment plan to upgrade all six transport corridors to international standards by 2017.

The government’s these plans are connected with implementation of large investment projects, mentioned in the Kazakh President’s address to the nation for 2012. Partly these projects will be implemented due to loans from the National Fund.

In particular in his address the President instructed to begin construction of Zhezkazgan-Beyneu and Arkalyk-Shubarkol railway lines and first module of Balkhash thermal power plant with capacity of 1,300 MW, ensure establishment of oil deep processing complex at Atyrau oil refinery as well bringing Atyrau gas and chemical complex to design capacity, complete designing and start construction of gas processing plant with a capacity of 5 billion m³/year at Karachaganak field and start implementation of the gas system which will ensure gasification of the country’s central province, including capital.

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