Economics

Nordic Investment Bank will finance Kazakhstan projects

photo from open sources
Nordic Investment Bank will finance Kazakhstani projects. The Senate adopted the relevant ratification, Kazpravda.kz correspondent reports.

As noted by the Minister of National Economy Ruslan Dalenov, introducing the draft ratification, the Framework Agreement between the Republic of Kazakhstan and the Nordic Investment Bank was signed in Helsinki on October 16, 2018.

"The agreement allows opening the activities of the Nordic Investment Bank to finance investment projects in the Republic of Kazakhstan," the minister said.

He also said that the Nordic Investment Bank was founded in 1975 and is a multilateral development bank. The headquarters is in Helsinki.

The authorized capital of the Nordic Investment Bank is 6 billion 142 million euros, which is formed by payments of member countries - Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, Sweden.

The total loan portfolio of the Nordic Investment Bank in 2018 amounted to 19.1 billion euros. Loans are provided for up to 25 years.

According to the strategy of the Nordic Investment Bank, about 20% of the loan portfolio is provided to countries that are not its permanent members.

"The main areas of financing for the Nordic Investment Bank are such sectors as energy, green economy, telecommunications, transport, various industries, agriculture, health care and small and medium-sized businesses," the Minister of National Economy explained.
Author:
Laura Tusupbekova
12:40, 17 October 2019
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