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EBRD President makes first visit to Central Asia
Mr Lemierre to focus on investment opportunities in Kazakhstan
In his first trip to Central Asia since becoming the President of the European Bank for Reconstruction and Development last July, Jean Lemierre arrives in Kazakhstan today to meet with President Nursultan Nazarbayev, other government officials and key decision-makers from the country's business community.
During the two-day visit, Mr Lemierre will address the fifth meeting of the Foreign Investors' Council (FIC). The FIC, established in 1998, promotes open dialogue between foreign investors and the Kazakh Government, which Mr Lemierre considers an important initiative for the development of Kazakhstan. The EBRD president will also sign two agreements with the Kazakh authorities relating to the development of the country's aviation and environmental sectors.
Mr Lemierre will also meet separately with President Nazarbayev to discuss the EBRD's role in Kazakhstan. The Bank has to date invested around €664 million in 14 projects in the country, and mobilised a further
€777 million in foreign investment. Discussions will focus on the country's investment climate and the need for more balanced economic growth. Mr Lemierre will encourage the Kazakh authorities to venture increasingly into sectors beyond energy and natural resources, particularly infrastructure, the financial sector and the development of small and medium-sized enterprises.
At the FIC meeting, the EBRD's president is expected to salute the Kazakh Government for taking steps to improving openness and transparency, a recipe crucial for a successful transition to a market economy. In 2000, foreign direct investment in Kazakhstan amounted to around €1.15 billion, up from €964 million in 1995. The upward trend is significant, and Mr Lemierre will push for further cooperation from the Government in stimulating investors' trust in the country.
The EBRD's investments in Kazakhstan include four in the state sector: reconstruction of Aktau Port, a railway track maintenance and commercialisation project, a power and transmission rehabilitation project and the Almaty-Bishkek road development. Private-sector investments include renovation of the Ispat Karmat steel plant; a pre-privatisation loan to Kazaktelecom; a property development project; a loan to a private energy utility; municipal-water and solid-waste projects; and four financial-sector operations, including a trade facilitation programme. The Bank has a substantial pipeline of possible future projects, ranging from transport and manufacturing to financial institutions and shipping.
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