ASTANA, Kazakhstan, January 9. The Senate of Kazakhstan has endorsed a bill permitting the European Bank for Reconstruction and Development (EBRD) to extend its operations to sub-Saharan African nations and Iraq, as reported by the Senate's press service, given that Kazakhstan is a founding member and shareholder of the EBRD, Trend reports.
“This expansion will not reduce our ability to support current projects, will not threaten the bank's credit rating, and will not require additional capital injections,” said Deputy Sergey Karplyuk at the plenary session of the Senate.
The parliamentarian emphasized that for Kazakhstan, the expansion unlocks transformative opportunities.
“We will leverage our capabilities to forge strategic partnerships and capitalize on high-impact initiatives in nations boasting a billion-strong demographic,” he noted.
To note, the Senate also approved the Law “On the Ratification of Amendments to Article 1 of the Agreement on the Establishment,” which allows for the gradual expansion of the bank’s geographical reach to new countries.
The European Bank for Reconstruction and Development (EBRD) is a dynamic investment vehicle established in 1991 through a collaborative effort of 40 nations and two global entities, aimed at fostering robust market economies and promoting democratic governance across 34 countries, spanning from Central Europe to Central Asia. The EBRD encompasses a diverse portfolio of 72 nations.