Astana. 11 October.  The committee of the Senate has considered a bill on the reconstruction of the Western Europe – Western China road, according to information presented by Kazakhstan Today Information Agency.

“At a meeting of the Committee on Economic Development and Entrepreneurship of the Senate of the Parliament of the Republic of Kazakhstan one has discussed the bill on the ratification of the loan agreement on the reconstruction of the road CAREC of Corridor 3 (Shymkent – Tashkent) between the Republic of Kazakhstan the Asian Development Bank,” the press service of the Senate reported.

The length of the road which is funded by the Asian Development Bank is 37 km. In accordance with the loan agreement, a loan in the amount of $ 125 million is granted to the Republic of Kazakhstan by the Asian Development Bank. The loan repayment period is 16 years, including a 4- year grace period.

Co-financing of the government of the Republic of Kazakhstan is $ 22 million. The Republican budget funds will be used to co-finance the construction work and paying taxes.

“Implementation of this project will enable us to develop the transport capacity of the country and will significantly increase the traffic on the Kazakhstan part of the international corridor “ one has have informed in the press service of the Senate.

The loan agreement was signed on 28 May 2013 in Astana.

The bill was sent to the House for consideration.

Source:  Kazakhstan Today Information Agency.