Kazakhstan: Asian Development Bank Member Fact Sheet 2018 Updated

Abstract

The Asian Development Bank (ADB) began supporting Kazakhstan in 1994, shortly after the country became independent. To date, the bank has approved over $5 billion in sovereign loans, nonsovereign loans, and guarantees in support of Kazakhstan’s development. It also contributes to Kazakhstan’s active participation in the Central Asia Regional Economic Cooperation (CAREC) Program. Following the global financial crisis in 2007–2008, the Government of Kazakhstan requested access to concessional resources to support its programs. ADB provided a countercyclical loan of $500 million. In 2015, ADB disbursed another countercyclical loan of $1 billion to help Kazakhstan respond to a steep decline in oil prices and the economic slowdown in its major trading partners, including the Russian Federation, European Union member countries, and the People’s Republic of China. The loan has helped the government modernize infrastructure and foster job creation, deliver social services, support low-income households, and develop the private sector.