World Bank to allocate $650 mln for Zhezkazgan-Karaganda highway repairs in Kazakhstan

ALMATY. Dec 3 (Interfax) - The World Bank will allocate $650 million to repair the Zhezkazgan-Karaganda highway in Kazakhstan, part of the Trans-Caspian International Transport Route (TITR), also known as the Middle Corridor as part of the Transport Resilience and Connectivity Enhancement (TRACE) program, the Kazakh president's press service said.

Kazakh President Kassym-Jomart Tokayev said during a meeting with World Bank Group President Ajay Banga on the sidelines of the One Water Summit that he "welcomed the World Bank's $650 million financing of the Kazakhstan project under the Transport Resilience and Connectivity Enhancement (TRACE) program." "In this context, the strategic role of investments for the development of the Middle Corridor, in particular for the repair of the Zhezkazgan-Karaganda highway, was emphasized," the statement said.

Tokayev also invited the head of World Bank to visit Kazakhstan to "intensify dialogue and identify long-term prospects for joint activities".

The World Bank's Board of Executive Directors approved funding for the project on 15 November this year, according to the World Bank's website. The project will be implemented by National Company Kazavtozhol JSC (National Road Operator) under a state guarantee from the Kazakh government. The loan will be co-financed by the Asian Infrastructure Investment Bank (AIIB) under a separate agreement with the Kazakh government. The project is expected to be completed by June 2032.

The Trans-Caspian International Transport Route (TITR), also known as the Middle Corridor, is an international transport route running through China, Kazakhstan, the Caspian Sea, Azerbaijan, Georgia and to Turkey and European countries. The Baku-Tbilisi-Kars railway line, which is now operational, is part of the Corridor.