Astana, November 24, 2010 – Today Mr. Bolat Zhamishev, the Minister of Finance of the Republic of Kazakhstan and Ms. Sebnem Akkaya, the World Bank Country Manager for Kazakhstan, signed the Loan Agreement for the Technical and Vocational Education Modernization Project for the Republic of Kazakhstan. The loan in amount of a US$ 29.2 million will be provided by the World Bank in support of improved workforce productivity in key sectors and enhanced skills development capacity to meet the demands of key industries and businesses in Kazakhstan.
“The Project will assist the Republic of Kazakhstan in improving the quality, relevance and efficiency of technical and vocational education through an improved policy framework and institutional capacity. We hope that these new approaches will eventually lead to more favorable labor market outcomes and contribute to raising the competitiveness of the Republic of Kazakhstan.”, said Sebnem Akkaya, the World Bank Country Manager for Kazakhstan.
The Project with the total amount of US$ 33.23 million, including Kazakhstan Government co-financing of US$ 4 million, will be implemented from 2010 to 2013 by the Ministry of Education and Science of the Republic of Kazakhstan. The World Bank extends its loan at the interest rate equal to 6 months LIBOR with a 15 year maturity, including four-year grace period.
The World Bank’s overall mission in Kazakhstan is to help the Government in achieving diversified and sustainable economic growth and improving the living standards of population. To date, the Bank has provided 36 loans to Kazakhstan for the amount of more than US$ 5.2 billion since July 1992.