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.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.