EBRD Grants $10 Million Loan to Atameken-Agro for Agricultural Modernization and Environmental Enhancement in Kazakhstan

EBRD Grants $10 Million Loan to Atameken-Agro for Agricultural Modernization and Environmental Enhancement in Kazakhstan

(IN BRIEF) The European Bank for Reconstruction and Development (EBRD) is providing a $10 million loan to Atameken-Agro, a leading agricultural holding in Kazakhstan, to support the modernization and environmental improvement of its agricultural machinery. This initiative aims to enhance agricultural efficiency while reducing air pollution through the adoption of more fuel-efficient equipment. In addition to machinery upgrades, Atameken-Agro will offer advanced agricultural training to its workforce, contributing to human capital development in the sector. The loan is part of the Agrifood Nexus Programme, funded by the German government’s International Climate Initiative, and is aligned with a broader consortium program addressing the challenges of energy, water, and land use interdependence, exacerbated by climate change. So far, the EBRD has invested €9.85 billion in 312 projects to boost Kazakhstan’s economy.

(PRESS RELEASE) LONDON, 30-Dec-2023 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD) is contributing to greater efficiency of agricultural production in Kazakhstan by extending a US$ 10 million loan to Atameken-Agro, one of the largest vertically integrated agricultural holdings in the country.

Atameken-Agro will use the funds to support the modernisation, energy efficiency and environmental improvements of its agricultural machinery, including tractors, harvester-threshers and sprayers.

It is expected that new agricultural machinery, procured with the help of the EBRD loan, will contribute to environmental improvements across Kazakhstan by increasing fuel efficiency and reducing air pollution.

As part of the project, Atameken-Agro will also train workers in more advanced agricultural skills and thus contribute to the development of human capital in the sector.

The loan is complemented with an investment under the Agrifood Nexus Programme, funded by the Government of Germany through its International Climate Initiative .

The Agrifood Nexus Programme is part of a broader consortium programme between the EBRD, the  Food and Agricultural Organization of the United Nations (FAO), the Organisation for Economic Co-operation and Development (OECD), the United Nations Economic Commission for Europe (UNECE) and the Scientific-Information Center of the Interstate Commission for Water Coordination of Central Asia (SIC ICWC), as well as ministries from participating countries. The consortium will address the challenges posed by the interdependence of energy, water and land use, which are exacerbated by climate change.

To date, the EBRD has invested  €9.85 billion through 312 projects in the economy of Kazakhstan.

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SOURCE: EBRD