Speech at the Loan Signing for the CAREC Road Corridor

Speech by Zhao Xiaoyu, ADB Vice President, at the signing ceremony for loan no. 2562 CAREC Road Corridor 1 Investment Program (Zhambyl Oblast Sections) Project 2, Astana, Kazahkstan

Dear Ministers,
Distinguished Guests,
Ladies and Gentlemen:

It is an honor to participate in this remarkable event and sign, on behalf of the Asian Development Bank (ADB), a Loan Agreement for the second tranche of ADB's $700 million Multi-tranche Financing Facility (MFF).

The $700 MFF for the CAREC Transport Corridor 1 Investment Program (the Program), ADB's ever largest loan to Kazakhstan, is financing a total 470 km of the road in Zhambyl Oblast, following the CAREC Transport and Trade Facilitation Strategy as well as the Government's transport strategy. This second-tranche loan will finance 79km sections in Zhambyl Oblast.

ADB is standing at the front of promoting regional cooperation through the CAREC Program. Under the vision of "Good Neighbors, Good Partners, and Good Prospects," regional transport corridors are being improved through joint work of all CAREC countries.

I wish to applause the Government's strong commitment and actions taken to ease transport bottlenecks, backed up by your clear long-term vision. The well integrated transport planning and programs under the transport strategy will unquestionably bring more effective outcomes. We are very pleased to support this Program, part of the key CAREC Corridors. So far, the Program has been progressed on track. The first tranche loan agreement was signed in March and all civil works contracts to reconstruct 125km were also awarded.

Moving forward, to fully realize the country's potential, I further wish to take an opportunity drawing your attention to the Aktau-Beineu Road, part of a key CAREC Transport Corridor 2a. ADB looks forward to collaborating further with you in developing its transport network in the Manghistau region.

Once again, ADB would like to assure our commitment to continue to be a reliable partner and contribute to the well-being of the nation of Kazakhstan.

Thank you very much.