The Ministry of Industry and Infrastructure Development of Kazakhstan has signed contracts with the Turkish-Korea consortium Alsim Alarko Sanayi Tesisleri ve Ticaret, Makyol Inşaat Sanayi Turizm ve Ticaret, Korea Expressway Corporation and SK Engineering & Construction. Under a 20-year contract, the consortium will provide funding, construction, operation and maintenance of the BAKAD road project.

The scope of the project will include the construction of four or six lanes on several sections of the 66 km highway. It will also include the construction of 20 bridges, 8 overpasses and 22 overpasses.

The European Bank for Reconstruction and Development supported the project with a loan of US$225 million, the Bank of China provided a syndicated loan of US$125 million, PGGM provided US$25 million, the Eurasian Development Bank provided a parallel loan of US$135 million, and the Islamic Development Bank provided Parallel loans of $100 million.

This is also the region's first public-private partnership project supported by international consultants and carried out through open international competition procedures.

The representative of the consortium, Hakan Atkin, said: “Kazakhstan has abundant resources and a strong economy based on oil and gas business.

The BAKAD project is opening the door for new investment plans. After the BAKAD project is completed, traffic in and around Almaty is expected to be redistributed. With the necessary infrastructure, the estimated traffic speed may reach 150 km/h

The Greater Almaty Ring Road Project is the first infrastructure concession project implemented at the national level of Kazakhstan and Central Asia.

Ekaterina Miroshnik, Head of Infrastructure Eurasia at the European Bank for Reconstruction and Development, said: "The BAKAD project makes Kazakhstan a global map for private investors and developers interested in infrastructure development opportunities. It also provides a long-term view for Almaty. Environmental and transportation problems provide solutions. Editor/Huang Lijun