The Senate has ratified the agreement to expand EBRD operations in Africa.

“The bank proposed to expand its operations to countries in sub-Saharan Africa and Iraq. The adoption of changes to Article 1 of the Agreement is aimed at strengthening international cooperation between the bank's member states and recipient countries in the economic field,” reported Senator Sergey Karplyuk during the chamber meeting.

In the Senate, it is believed that extending banking operations to new countries will not diminish the Bank's ability to support existing country operations, will not jeopardize the Bank's credit rating, and will not require additional capital contributions.

“For Kazakhstan, the expansion of the Bank's operational region to Africa creates new opportunities for establishing connections and investing in projects in countries with billion-strong populations. Working group meetings, committee sessions, and an extended committee meeting have been held regarding this law,” added the deputy.