Kazakhstan to borrow more than 1.5 billion euros for fight against COVID-19
Kazakhstan will borrow more than 1.5 billion euros (US$1.78 billion) to combat the consequences of the COVID-19 pandemic and maintain sustainable economy. Loan agreements were concluded with two international financial institutions. Kazakh Minister of Finance Yerulan Zhamaubayev reported that the Asian Development Bank will provide a loan for more than 908 million euros (US$ 1.07 billion).
“The loan will be aimed at financing the 2021 budget deficit. Loan funds will help support the Kazakh government’s measures to combat the consequences of the COVID-19 pandemic and to restore the economy. Regarding maturity date, the loan is granted for 10 years, including a three-year preferential period,” said Yerulan Zhamaubayev, Kazakh Minister Of Finance
Also, the Asian Infrastructure Investment Bank will provide more than 660 million euros (US$784 million) to Kazakhstan.