Asian Development Bank to extend $500 mln loan to Kazakhstan

ASTANA, September 16 (ITAR-TASS) - The Asian Development Bank (ADB)
will extend a $500-mln loan to Kazakhstan to cover the budget deficit and
support the anti-crisis measures, the press service of the republic's
Finance Ministry said on Wednesday.
Kazakh Finance Minister Bolat Zhamishev and ADB Country director of
Kazakhstan Stephen Wermert, signed the relevant agreement.
Under the document, the Asian Development Bank will extend $500 mln
to Kazakhstan in one tranche for five years. The grace period is three
years.
The Finance Ministry will pay off the debt "through the funds
envisioned by the laws on the republic's budget for the next financial
year."
"Extending these funds the ADB focuses on the need to support the
large-scale anti-crisis program that is being implemented by Kazakhstan's
government," the press service quoted Zhamishev as saying.
Wermert said in turn that the bank welcomes as positive the Kazakh
authorities' anti-crisis measures. He positively assesses the prospects
for further cooperation between Kazakhstan and the ADB.

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