EBRD and Kazakhstan to cooperate on rail sector reform
June 12. The FINANCIAL
The EBRD and the Kazakh national rail company, Kazakhstan Temir Zholy (KTZ), have agreed to work together to support the country’s efforts to reform its railways sector, in order to improve competitiveness.
A Memorandum of Understanding signed by EBRD President Thomas Mirow and KTZ CEO Askar Mamin on the sidelines of the Foreign Investors Council meeting in Kostanai, will facilitate the further development, financing and implementation of a Rail Reform Strategy in the next five years, which is currently being developed by KTZ.
The EBRD and KTZ will work together to identify priority projects eligible for EBRD financing, with the aim of increasing efficiency, strengthening corporate governance and transparency, improving regulations and tariffs and encouraging competition in the freight segment.
“The Bank will also seek to mobilise grant financing for technical cooperation assistance.“The EBRD has long identified improving the railways sector as one of its priorities for Kazakhstan, as key to unlocking its full economic potential, enhancing efficiency and promoting sustainable growth for the country,” President Mirow said at a signing ceremony in Kazakhstan’s northern city of Kostanai on the sidelines of the Foreign Investors Council,” EBRD says.
“The reform strategy for the railway sector in the coming five years is very important for our company. For us it is also very significant that an authoritative institution such as the EBRD is our strategic partner in the implementation of projects within this strategy,” KTZ CEO Askar Mamin said.