The European Bank for Reconstruction and Development (EBRD)
plans to expand its operations to include Sub-Saharan Africa and Iraq. The
institution also aims to increase its lending activities. As a member state of
the organization, Kazakhstan supports these and other initiatives. Members of
the Senate, the upper house of the Kazakh Parliament, have approved the
relevant documents. The Bank’s membership includes 72 countries and two
international structures, with Kazakhstan joining in 1992. The amendments
adopted by the Senate will strengthen cooperation with the Bank itself, as well
as with African and Mediterranean countries, and open up new investment
opportunities.
«The approved laws provide for enhancing the efficiency of
the EBRD. We hope that the amendments will strengthen cooperation between
Kazakhstan and this reputable financial institution, as well as expand the
country’s opportunities in the economic sphere,» said Senate Chairperson Maulen
Ashimbayev.
The Senate also ratified the Eurasian Economic Union agreement on the mutual recognition of bank guarantees in public procurement. This measure will strengthen cooperation on a long-term and stable basis. Furthermore, the approval of the law fosters equal opportunities for businesses to participate in public procurement across EAEU member states and, in general, stimulates economic partnership between the parties, as emphasized in the Senate.
Related Articles
