"The EBRD has invested $3.3 billion in Kazakhstan in the past few years," Nazarbayev told a news conference. "We are currently discussing support to small and medium businesses and infrastructure projects, for which the bank will provide around $1 billion in financing next year."
The EBRD has financed over 80 investment projects worth $3.3 billion in Kazakhstan since 1993. More than 70% of the bank's investment for the Central Asian country went to private companies, the remainder being loans for the government and state-owned corporations. The bank mostly invests in Kazakh banks and infrastructure projects.
Addressing the 18th session of the Council of Investors in Astana, the Kazakh leader said next year's GDP would be double the level in 2000.
"In the past five years the country has been seeing 10% annual economic growth. The high rate of growth allows us to plan a doubling of GDP [compared to 2000] in 2008, and a tripling by 2015," Nazarbayev said.
However, the Kazakh government has forecast that national economic growth will decline to 5%-7% next year, due to instability on global financial markets.
