Kazakhstan has ratified an agreement to borrow over 100 billion yen from two Asian banks.

“The loan agreement with the Asian Development Bank for 52.3 billion Japanese yen was signed on August 23, 2024. The choice of currency is due to the low base interest rates in Japan,” informed Finance Minister Madi Takiev.

The funds, as clarified by the head of the department, will support the government's priority measures, including financing for transport infrastructure, industry, education, and other key areas.

“The loan is provided to Kazakhstan with a repayment period of 15 years, including a three-year grace period. The servicing and repayment of the attracted loan will be conducted using the republican budget funds,” said the minister.

The Mazhilis also ratified the loan agreement between Kazakhstan and the Asian Infrastructure Investment Bank (AIIB). As reported by the finance minister, the AIIB loan is granted to Kazakhstan in the amount of 52.7 billion yen. Its servicing and repayment will be carried out by the Ministry of Finance using funds allocated in the republican budget for the upcoming financial year. These funds, as noted in the meeting, significantly relieve the republican budget, reducing the financial burden. These conditions allow Kazakhstan to effectively plan its financial obligations and avoid sharp budget deficits.