DEC. 12 2016 (The Conway Bulletin) — The EBRD agreed a €100m ($104m) loan to state-owned electricity company Samruk Energo, specifically designed to help with its privatisation plan. The company, a subsidiary of sovereign wealth fund Samruk-Kazyna, plans to privatise nine of its subsidiaries next year. The loan will be issued in tenge or roubles.
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(News report from Issue No. 309, published on Dec. 16 2016)f
NOV. 30 2016 (The Conway Bulletin) — The European Bank for Reconstruction and Development (EBRD) pledged to increase its investment plans in Kazakhstan to $1b in 2017. So far in 2016, the EBRD has invested around $900m. At a meeting in Shymkent in Southern Kazakhstan, EBRD country director Janet Heckman also pledged increased investment in the utility sector.
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(News report from Issue No. 307, published on Dec. 2 2016)
NOV. 21 2016 (The Conway Bulletin) — Kazakhstan-based financial institution Almex Holding and Dutch company Staay Food Group signed an agreement to create a joint venture to develop agribusiness in Kazakhstan. They want to create a distribution network with local farmers. At a later stage, Staay Food said it plans to build greenhouses to boost exports of fresh fruits and vegetables. Almex group controls Halyk Bank, Kazakhstan’s second- largest bank, and is owned by President Nursultan Nazarbayev’s daughter Dinara and her husband, Timur Kulibayev.
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(News report from Issue No. 306, published on Nov. 25 2016)
NOV. 24 2016 (The Conway Bulletin) — The IMF downgraded Georgia’s economic growth to 2.7% this year, from an earlier estimate of 3.4%. The downgrade was due, it said to a slightly bigger than expected drop in remittances and exports. It also downgraded growth in 2017 to 4% from 5.2%. Like the rest of the region, a recession in Russia and falling currency values have hit Georgia’s economy.
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(News report from Issue No. 306, published on Nov. 25 2016)
NOV. 9 2016 (The Conway Bulletin) — The EBRD gave a $50m loan to Armenia to modernise a section of the Vanadzor-Bagratashen highway, which connects central Armenia to the border with Georgia. Repair and construction work will be carried out along a 51km section of the road. The European Investment Bank will support the modernisation of another section of the road with a $51m loan. Vanadzor is Armenia’s third-largest city. Armenia-Georgia ties have improved in recent years.
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(News report from Issue No. 304, published on Nov. 11 2016)
OCT. 24 2016 (The Conway Bulletin) — The European Bank for Reconstruction and Development (EBRD) has signed a deal with Kyrgyzstan’s First MicroCredit Company to funnel $1m to households in the south of the country for projects to improve their energy and water efficiency. Projects that will qualify for EBRD funding include installing energy efficient windows, doors and water pumps.
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(News report from Issue No. 302, published on Oct. 28 2016)