The European Bank for Reconstruction and Development (EBRD) plans to allocate up to $100 million a year to CIS countries in Central Asia for development of the banking sector, Michael Devy, director of the EBRD department for Kazakhstan, Kyrgyzstan and Tajikistan, told the press on Wednesday.
EBRD banking sector investment in the region (Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan and Turkmenistan) will total $50 million to $100 million a year, he said.
EBRD financing for projects in Uzbekistan, for example, will depend on the country implementing the necessary economic reforms.
Devy praised the level of development in the Kazakh banking system, noting that other banking sectors in the region were considerably worse off and contained greater risks.
Kazakh banks could significantly expand their activities in the Central Asia region, he said.
The EBRD has allocated $900 million in loans and investment to Kazakhstan since 1993. The bank allocated about $250 million in projects to support private enterprises.
Interfax, March 26, 2003