AIIB approves €661.8m loan to help Kazakhstan in COVID-19 fight
The Asian Infrastructure Investment Bank has approved a loan of €661.8 million (about $750 million equivalent) to provide budgetary support to the Government of Kazakhstan in mitigating the adverse impacts of COVID-19.
The loan will finance Kazakhstan’s COVID-19 Active Response and Expenditure Support Program, which supports the country’s immediate COVID-19 health policy response, social protection and employment recovery measures, as well as stimulus measures.
Funded by AIIB’s Crisis Recovery Facility and cofinanced with the Asian Development Bank, the financing will fund measures to mitigate the impacts of higher food prices on vulnerable groups, an increase in social payments, new tax incentives to alleviate the financial burden of businesses and cash payments to the unemployed.
