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Kazakhstan ratifies loan agreement with China for modernization of checkpoints.

President of Kazakhstan Kassym-Jomart Tokayev has ratified the loan agreement between Kazakhstan and China.

The agreement ensures allocation of more than 2 billion yuan by China to Kazakhstan.

The document was signed in June 2018 during then-President Nursultan Nazarbayev's visit to China.

The Chinese side is obliged to allocate the soft loan for modernization and technical equipment of the Kazakh checkpoints located on the Kazakh territory of the Eurasian Economic Union customs union.

The term of soft loan in yuan is 20 years at 2% per annum. Payment of principal amount of the debt is due from 2025.

70% of the debt will be spent on buying equipment from China. Equipment installation will be done by Chinese workers, according to the deal.

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Publication:AKIpress Central Asian News Service
Geographic Code:9KAZA
Date:Jun 18, 2019
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