Kazakhstan to borrow 46 billion tenge for 12 years

Tengrinews.kz – Kazakhstan will borrow about 46 billion tenge from the International Bank for Reconstruction and Development. This became known during a plenary session of the Mazhilis.
According to Mazhilis deputy Nurtai Sabilyanov, in December of last year, Kazakhstan signed an agreement with IBRD for a loan under the project of accelerated digitalization for the inclusive economy of the republic.

"The goal of the agreement is to secure a loan for a project aimed at providing rural residents with access to high-quality and sustainable broadband infrastructure in underserved or insufficiently serviced areas of Kazakhstan," Sabilyanov explained.

In the corridors of the Mazhilis, the Tengrinews.kz correspondent clarified with the deputy regarding the amount involved.

"An agreement was signed between Kazakhstan and the International Bank for Reconstruction and Development for a loan of 13 billion Japanese yen. This is approximately 46 billion tenge," Nurtai Sabilyanov said.

The loan term is 12 years. As previously mentioned, the funds are intended to be used for the installation of internet in remote Kazakhstani villages.

"To restore the infrastructure, for people to access information, for good communication, and for high-speed internet," the deputy added.

As of May 21, the exchange rate of the Japanese yen is 3.54 tenge.
The International Bank for Reconstruction and Development is the primary lending institution of the World Bank, a specialized UN agency and an intergovernmental investment institute established simultaneously with the International Monetary Fund in 1944.
It should be noted that in December of last year, Senate deputies approved the ratification of agreements for loans of 52.3 billion Japanese yen (168.1 billion tenge) from the Asian Development Bank and a loan from IBRD in the amount of 84.9 billion Japanese yen (277 billion tenge).