"We're already short on funds," said the deputy, expressing confusion over the consideration of a bill related to Africa in Kazakhstan.

During a session of the Mazhilis, Deputy Bakytzhan Bazarbek expressed confusion regarding the essence of a bill related to the European Bank for Reconstruction and Development, as well as African countries, according to a report by NUR.KZ.

https://www.nur.kz/politics/universe/2189975-u-nas-i-tak-deneg-net-deputat-ne-ponyal-zachem-v-kazahstane-rassmatrivayut-zakonoproekt-ob-afrike/2024-11-20 08:27:51

In the Mazhilis, Kazakhstan's deputies are reviewing the Republic of Kazakhstan law "On the Ratification of Amendments to Article 1 of the Agreement Establishing the European Bank for Reconstruction and Development (EBRD), which allows for the limited and gradual expansion of the geographical scope of the bank's operations to countries in Africa south of the Sahara and Iraq."

Deputy Bakytzhan Bazarbek raised a question about why Kazakhstan is considering anything related to Africa.

"Explain to me, a lawyer, one small elementary thing. I open the decree - and I wonder: what does Kazakhstan have to do with (financial operations to/from African countries - ed.)? This relates to EBRD operations south of the Sahara and Iraq. My colleague tells me (ed.) that this will provide economic prospects.

So, does Kazakhstan want to invest money in Africa, or does it want to borrow money from Africa? The first option is out: we don’t have money as it is. So, is Africa going to finance us? I can't understand?" - asked the deputy.

The Minister of Finance, Madi Takiyev, responded that Kazakhstan is one of the co-founders of the EBRD. Therefore, as a shareholder of the bank with a 0.23% stake, it must ratify this agreement, just like other countries. Thus, according to him, the EBRD could further expand its powers globally.

"We are shareholders; this is clear to everyone. We have to give our consent," explained the Chairman of the Mazhilis, Yerlan Koshanov.

The European Bank for Reconstruction and Development (EBRD) , as reported on its official website, was established in 1991. The EBRD has 72 shareholder countries, the European Union, and the European Investment Bank. The elected president is Odile Renaud-Basso, who took office in 2020.

Recall that today at the Mazhilis meeting, Deputy Tatyana Savelieva stated that the loan from the International Bank for Reconstruction and Development is being provided to Kazakhstan for an amount of 84.9 billion yen (approximately 271 billion tenge) with a repayment term of 11 years.

Previously, we reported that Kazakhstan would borrow 105 billion yen from Asian banks due to a budget deficit - the Mazhilis reviewed two bills on loans.

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