AKIPRESS.COM - The Eurasian Development Bank (EDB) signed an agreement on the general terms and conditions for financing the construction of the Big Almaty Ring Road (BAKAD), the EDB reported.
The document was executed on Feb 12 by Amangeldy Issenov, Deputy Chairman of the EDB Management Board. The funds will be provided by a syndicate of lenders comprising the European Bank for Reconstruction and Development, the Eurasian Development Bank, and the Islamic Development Bank. The EDB will provide $95 million.
The BAKAD toll road is expected to redistribute traffic in and around Almaty, direct transit traffic to bypass the city, improve transport services, reduce environmental impacts, increase the speed of traffic, and improve road safety. The 66 km road will have four or six lanes at various sections. The project will also build bridges, interchanges, toll booths, and other necessary infrastructure. The estimated traffic speed is up to 150 km per hour.
The BAKAD project is being implemented under a 20-year build-operate-transfer concession agreement between the Ministry of Industry and Infrastructure Development of Kazakhstan and a consortium of four companies: Alsim Alarko Sanayi Tesisleri ve Ticaret A.Ş., Makyol İnşaat Sanayi Turizm ve Ticaret A.Ş., SK Engineering & Construction Co., Ltd. and Korea Expressway Corporation.