IFC Backs Key Commercial Infrastructure in New Capital of Kazakhstan
Elika Trifonova
Phone: +(202) 475 8357 - Fax: +(202) 974 4384
Email: etrifonova@ifc.org
WASHINGTON, D.C., May 19, 2003 - The
International Finance Corporation will provide financial support for the
first office and retail space built to meet international standards in
Astana, the new capital of Kazakhstan. The new facility is expected
to play a catalytic role in attracting business and commerce to complement
the administrative offices of the national government that are already
in place.
IFC’s $5 million loan will provide much-needed long-term funding for the
$22 million office and retail building. In addition to providing
financing, IFC has reached an agreement that the Ahsel Group of Turkey,
the project sponsor, will integrate international life and fire safety
standards, and adopt internationally accepted accounting procedures throughout
its operations. Ahsel has been operating successfully in Kazakhstan
since the early 1990s, and has demonstrated expertise in both construction
and facilities management.
Mr. Khosrow Zamani, IFC’s Director for Southern Europe and Central Asia
noted: “We believe this major addition of office and retail capacity will
help generate more commercial development and give a boost to many other
related support services. As we see commerce and business activity
grow in Astana, there will be more employment opportunities and an improved
quality of life for local residents.”
IFC’s mission is to promote sustainable private sector investment in developing
countries, helping to reduce poverty and improve people’s lives. IFC
finances private sector investments in the developing world, mobilizes
capital in the international financial markets, works with clients to improve
their financial, social and environmental performance, and provides technical
assistance and advice to governments and businesses. Since its founding
in 1956, IFC has committed more than $34 billion of its own funds and arranged
$21 billion in syndications for 2,825 companies in 140 developing countries.
IFC’s committed portfolio at the end of FY02 was $15.1 billion.
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