Kazakh Senate OKs agreement on EBRD operations to Sub-Saharan Africa and Iraq

The expansion of the geographic scope of the Bank’s operations will not affect its ability to support the countries receiving its services

The upper chamber (Senate) of the Kazakh Parliament has ratified the Amendment to Article 1 of the Agreement Establishing the European Bank for Reconstruction and Development, Kazinform reports.

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Senators were submitted the draft law “On ratification of the Amendment to Article 1 of the Agreement Establishing the European Bank for Reconstruction and Development to enable a limited and incremental expansion of the geographic scope of the Bank’s operations to Sub-Saharan Africa and Iraq.”

“The European Bank for Reconstruction and Development unites 72 countries and two international structures (EU and EIB). The Bank proposed to expand the scope of its operations to Sub-Saharan Africa and Iraq. The adoption of the Amendment to Article 1 is aimed at enhancing international cooperation between the EBRD member states and recipient countries in economic sector,” senator Sergey Karplyuk said presenting the document.

According to him, the expansion of the geographic scope of the Bank’s operations will not affect its ability to support the countries receiving its services, will not jeopardize the EBRD’s credit ranking (at AAA), and will not require additional contributions to capital.

“The expansion of the scope of the EBRD’s operations towards Africa creates new perspectives for Kazakhstan in establishing ties and investing in the countries with the largest population," Sergey Karplyuk noted.

Photo: Senate of the Parliament of Kazakhstan.