1. BANKING AND CORE SERVICES
Investment in infrastructure is essential if Kazakhstan
is to diversify its economy, writes Birgit Brauer

2. BANKING AND CORE SERVICES
EBRD GROWS ITS ROLE IN KAZAKHSTAN
BY CLARE NUTTALL
The European Bank for Reconstruction and investments, as well as help identify technical
Development (EBRD), the largest investor in assistance. Projects will be identified in
Kazakhstan outside the oil and gas sector, plans to collaboration with the Ministry of Industry and
invest around $1 billion into projects furthering the Trade and the Samruk-Kazyna National Welfare
diversification of the Kazakh economy. Fund. “Momentum is building, and there is a
The EBRD adopted a new strategy for Kazakhstan in window of opportunity post-crisis but before oil
February 2010, setting out the priorities for its work prices go through the roof again,” says Weinstein.
in the next three years. The bank aims to help the “We are proactively looking for new projects
country to emerge from the crisis with a diversified in Kazakhstan.”
economy and a more sustainable financial model. The EBRD has also shown its support for
“Helping the Kazakhstan economy to diversify is a Kazakhstan by planning to hold its 2011 Annual
priority for us,” says Michael Weinstein, the EBRD’s General Meeting in Astana.
country director for Kazakhstan. To date, the EBRD has invested more than
It plans to support the government’s economic €2.4 billion in 108 projects, mobilizing additional
diversification program though equity and debt investment of more than €5.4 billion.