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MANILA, Philippines -- The Asian Development Bank has approved its first two loans, totalling $60 million, to the central Asian republic of Kazakhstan, the bank said Tuesday.
The bank said the loans to Kazakhstan were designed to help it in the transition to a market-based economy. A $554,000 technical assistance grant comes with the loans.
The loans will support the government's stabilization and structural reform program by helping bridge an external financing gap to prevent a further decline in output and deterioration of living standards, the bank said.
The project, which will promote trade with other countries in the former Soviet Union, is also intended to ease shortage in foreign exchange for critical imports.
About $20 million of the package is from the bank's Special Fund and is interest free, payable in 35 years and has a 1 percent service charge.
Loans to Aid Kazakhstan In Transition
07 December 1994
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