EBRD funds Kazakh segment of China-Europe route bypassing Russia
Published on: Thursday 21 July 2022
The European Bank for Reconstruction and Development will provide up to 50 billion tenge ($103.20 million) to Kazakhstan's state railway company to finance upgrades along a Europe-Asia route bypassing Russia, the bank said on Friday. "Until recently, up to 95% of freight traffic between China and the European Union (EU) travelled through the Northern Corridor, which passes through Kazakhstan, Russia and Belarus," the EBRD said in a statement. The bank will invest the money into a local bond being issued by Kazakhstan Temir Zholy (KTZ), the railway company.
