Sarkaritel.com News and Features- International News

ADB to Focus on Inclusive Growth in Kazakhstan

Manila, Philippines

The new Asian Development Bank’s program for Kazakhstan will back the Government’s medium term priorities in harnessing strong economic growth to benefit the poor, according to a Country Strategy and Program (CSP) Update for 2005-2007 endorsed by the Board of Directors. The bank announced the plans on October 18 at its headquarters in Manila, the Philippines.

Kazuhiko Higuchi, Country Director of ADB’s Resident Mission in Kazakhstan, said “Kazakhstan’s fast-paced development has led to rapidly evolving development priorities. The country’s strong economic growth has thus underscored the need for inclusive, pro-poor growth.”

Fueled by the oil sector, the country’s economy grew by an average of 11% during 2000-2002 and 9.2% in 2003. This performance is expected to continue with growth of 8-10% over the medium-term.

While the continued economic growth has created new jobs and improved living standards in Kazakhstan, disparities still exist between rural and urban areas. With rural poverty three times as high as in urban areas in some areas, the Government is making efforts to develop rural areas.

The proposed lending program for Kazakhstan will focus on projects with strong development impacts or innovative approaches. Among the projects ADB plans during 2005-2007 are a regional rural development project in 2005, a rural water supply and sanitation project and a storm water management project in 2006, as well as a water resources management and land improvement project in 2007. Lending amounts will be determined mutually between the Government and ADB.

As of the end of 2003, ADB had approved 12 loans for nine projects in Kazakhstan, totaling $501.6 million. Since joining ADB in 1994, ADB has also approved 51 TAs totaling $23.4 million.

E-mail : newseditor@sarkaritel.com