Kazakh delegation headed by the Minister of Finance of Kazakhstan Mr. Bolat Zhamishev participated in the the Annual Meeting of the Board of Governors of the European Bank of Reconstruction and Development (EBRD), which was held on 15-16 May 2009 in London.
The EBRD is the largest investor in all sectors of Kazakhstan's economy, excluding oil exploration. The main directions of cooperation between EBRD and Kazakhstan are:
- Development of private sector and the transition to a market economy.
- Improving the investment climate.
- Implementation of the appropriate corporate governance of the projects.
- Environmentally sustainable development.
From 1997 to 2008 in the economy of Kazakhstan, the EBRD invested over USD 3 billion and funded about 60 projects. To date, with the loans the Bank of Kazakhstan of 12 projects implemented by the public sector with a total volume of borrowing USD 677 million. EBRD projects with participation of the Government of Kazakhstan carried out and scheduled for implementation in the amount of more than USD 6 billion. The bulk of the projects accounted for the second-tier lending to banks (27%), the energy (20%), transport (13%), agriculture and natural resources (14%). Since the beginning of 2009 the EBRD signed projects total 239.1 million euros.
Between 1997 and 2008, over USD 3 billion have been invested in the Kazakh economy, and almost 60 projects have been financed. As of today 12 public sector projects, funded by the EBRD, are being implemented in Kazakhstan with a total value of borrowing USD 677 million. The value of completed and proposed EBRD projects involving the participation of Kazakhstan is over USD 6 million. The bulk of these projects relates to loans to second-tier banks (27 per cent), followed by the energy sector (20 per cent), transport (13 per cent), and agribusiness and natural resources (14 per cent). In turn, the EBRD has signed projects with a total value of €239.1 million since the start of the year. These figures undoubtedly demonstrate the international community’s recognition of Kazakhstan as a stable and successfully developing country.
We cannot ignore the impact of the global financial crisis on the economies of all EBRD member countries. In his opening statement the president of EBRD Mr. Thomas Mirow noted that the crisis has also taken its toll on the EBRD. The crisis response package was approved by the Board of Governors in December 2008.
During one of the Annual Meeting sessions a closed Roundtable discussion was held to more effectively discuss issues of strategic and political importance for the EBRD and the region's operations. As a result of this Roundtable the strategic paper “Fighting the Crisis, Promoting Recovery and Deepening Transition was agreed by the Governors. Additionally, the 2008 Annual Report and Financial Statements and the Independent Auditors’ Report were approved.
During the Kazakhstan County update and networking session Mr. Bolat Zhamishev, the Minister of Finance and EBRD Governor, gave a brief introduction to the Kazakh government action plan on stabilization of the economy and financial sector. This was followed by a question-and-answer session with the audience, which consisted of 63 representatives from the shareholding countries. Mr.Zhamishev emphasized that Kazakhstan is hoping to continue to broaden the areas of its cooperation with the EBRD, not only to address such issues as improvements to infrastructure and the creation of new business opportunities, as well as environmental and other issues, but also to deal with the development of non-commodity sectors of the economy, improvement of the investment climate and the development of tourism and agriculture.
In May 2011 Annual Meeting of the Board of the Governors of the EBRD will be held in Kazakhstan.
