The Senate of Kazakhstan has approved a bill that enables the European Bank for Reconstruction and Development (EBRD) to expand its operations into African countries south of the Sahara and in Iraq, reports a correspondent from the Kapital.kz business information center.
"This expansion will not diminish our ability to support ongoing projects, will not pose a threat to the bank's credit rating, and will not require additional capital investments," stated Deputy Sergey Karplyuk during the Senate's plenary session.
The parliamentarian added that this expansion opens new opportunities for Kazakhstan.
"We will be able to establish connections and invest in projects in countries with billion-strong populations. The EBRD comprises 72 countries, including Kazakhstan," he noted.
The Senate also approved the Law on the Ratification of Amendments to Article 1 of the Establishment Agreement, which allows for the gradual expansion of the bank's geographical operations to new countries.