OREANDA-NEWS. March 27 2007 Kazyna and the EBRD will broaden their cooperation in project financing and support for economic development. A working group of senior representatives from the European Bank for Reconstruction and Development (EBRD) and the Sustainable Development Fund Kazyna are gathering in Astana today for a joint workshop to discuss ways to deepen their cooperation, reported the press-centre of  EBRD. The two institutions will exchange views on project financing and equity investments as well as identify pilot projects that could be co-financed.

EBRD country director for Kazakhstan, sees a deepening cooperation between Kazyna and the Bank as a natural step forward since the objectives of both institutions largely coincide. By joining forces, the EBRD will bring an international perspective and the benefits from its wide experience in project financing in the region. Kazyna, on its part, will bring a better understanding of the development needs of Kazakhstan.  Kazyna was established in March 2006 to manage activities of Kazakhstan's state-owned development institutes and carry out investment projects in the non-primary industry. Seven development institutions are incorporated in Kazyna - Development Bank of Kazakhstan, Investment Fund of Kazakhstan, National Innovation Fund, Small Entrepreneurship Development Fund, Centre of Marketing & Analytic Research, State Insurance Corporation of Kazakhstan for the insurance of export credit and investments and Kazinvest.


The EBRD, set up in 1991 to foster the transition to the market economy of countries in central Europe and the former Soviet Union, has now invested a total $43 billion since its inception. The total amount of investment mobilised in the region, including funds raised via commercial co-financing, has now exceeded $130 billion.  In Kazakhstan as of end-2006, the EBRD has financed projects with a total value of $4 billion, including EBRD financing of $2 billion. The Bank continues to be actively involved across a number of economic sectors in private and public sector projects with a focus on the financial sector. In 2006, the EBRD expanded its geographic reach with Mongolia joining the Bank as a country of operations in October. Following its independence, Montenegro also became a separate country of operations, bringing to 29 the number of countries where the EBRD is active.