EBRD plans to invest $300m into Kazakhstan in 2002 - the head of EBRD

/IRBIS, Apr 9, 02/ - EBRD plans to invest $300m into Kazakhstan in 2002, it was said by the head of European bank for reconstruction and development (EBRD) Jean Lemierre by results of the meeting with the President of Kazakhstan Nursultan Nazarbaev held within Eurasian economic summit, on April 9 in Almaty. Last year volume of investments of EBRD presented to Kazakhstan was $180m. According to Jean Lemierre, an increase of investing volume of EBRD "demonstrates quality of investment climate and stability of macroeconomic situation in the republic". Along with this as Jean Lemierre informed, EBRD intends to support plans of the country's supervision on expansion of multi-industry approach to the economy. In connection with this EBRD will invest "huge money" into Kazakhstan economy including its oil and gas sector, said J. Lemierre. "This year will be very important for banking sector of Kazakhstan," stressed J. Lemierre, having noticed that EBRD intends "to increase program of trade assistance especially in the spheres of small and media businesses. "For last 4 years we extracted 23 th. of loan for small businesses of Kazakhstan in the amount of $160m," informed the head of EBRD. According to him, "this works well that means good entrepreneurial atmosphere". During the held meeting the head of EBRD and the President of Kazakhstan discussed other possible projects of this financial institution in Kazakhstan, especially in the spheres of infrastructure. Besides, there was a speech concerning what support EBRD could make in regional trade collaboration sphere and also promotion of further reforms in energy and transport sectors, in water resources sphere. As J. Lemierre noted, provision with water resources is a main problem of Kazakhstan. Along with this, he noted, "it is more important" for other Central Asian countries. Especially he stressed that during his talk with the President of Kazakhstan about provision of information transparency presented to the investors Nazarbaev underlined that there is "a strong desire to move toward provision of transparency and fight against corruption". In general, J. Lemierre gave a positive characteristic to the reached by the republic progress on the investment climate improvement. "Business climate is getting better and investors understand it," said the head of EBRD. "It is a country where funds should be invested," he stressed. [2002-04-09]