WASHINGTON, D.C., May 19, 2003
- The International Finance Corporation will provide financial support for the first office and retail space built to meet international standards in Astana, the new capital of Kazakhstan. The new facility is expected to play a catalytic role in attracting business and commerce to complement the administrative offices of the national government that are already in place.
IFC’s $5 million loan will provide much-needed long-term funding for the $22 million office and retail building. In addition to providing financing, IFC has reached an agreement that the Ahsel Group of Turkey, the project sponsor, will integrate international life and fire safety standards, and adopt internationally accepted accounting procedures throughout its operations. Ahsel has been operating successfully in Kazakhstan since the early 1990s, and has demonstrated expertise in both construction and facilities management.
Mr. Khosrow Zamani, IFC’s Director for Southern Europe and Central Asia noted: “We believe this major addition of office and retail capacity will help generate more commercial development and give a boost to many other related support services. As we see commerce and business activity grow in Astana, there will be more employment opportunities and an improved quality of life for local residents.”
IFC’s mission is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, works with clients to improve their financial, social and environmental performance, and provides technical assistance and advice to governments and businesses. Since its founding in 1956, IFC has committed more than $34 billion of its own funds and arranged $21 billion in syndications for 2,825 companies in 140 developing countries. IFC’s committed portfolio at the end of FY02 was $15.1 billion.
