Countercyclical Support (ADB-49083-001)

Countries
  • Kazakhstan
Where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Development Bank (ADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Canceled
Bank Risk Rating
C
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Aug 21, 2015
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Government of Kazakhstan; Ministry of Finance
The holder of the loan, grant, or other investment.
Sectors
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 1,000.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 1,000.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ ADB website

Updated in EWS Jan 2, 2018

Disclosed by Bank Aug 25, 2015


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Project Description
According to ADB website, the ADB is working with Kazakhstan to help mitigate the impact of the steep fall in oil prices and the economic slowdown in neighboring countries. The project is contributing to job creation, the provision of social services and supporting low-income households. The loan will help the government mitigate the unanticipated and significant negative economic impact caused by the steep fall in oil prices and the economic slowdown in neigboring countries. The government's planned fiscal stimulus expenditure will help Kazakhstan stabilize and continue its economic growth trajectory while targeting fiscal sustainability in the medium term. It will contribute to employment creation, social services provision, and low-income household support; expand and modernize physical infrastructure; and promote inclusive private sector development. Further, the impact of the project will be sustained pro-poor economic growth. The outcome will be improved fiscal sustainability.
Investment Description
  • Asian Development Bank (ADB)
Contact Information
Project Officer: Song, Dai Chang Central and West Asia Department No contact information provided at the time of disclosure. ACCOUNTABILITY MECHANISM OF ADB The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main