Kazakhstan: Asian Development Bank Member Fact Sheet 2017

Abstract

Since the early 2000s, Kazakhstan has been pursuing economic diversification and actively fostering private sector development. Following the global financial crisis of 2007–2008, the Government of Kazakhstan was compelled to access concessional resources to support its economic programs. The Asian Development Bank (ADB) responded with a countercyclical loan of $500 million. In 2015, ADB approved another countercyclical loan of $1 billion to help Kazakhstan counter the steep decline in oil prices and the economic slowdown in its major trading partners, including the Russian Federation. The loan helped the government modernize infrastructure and maintain job creation, deliver social services, support low-income households, and develop the private sector.