OREANDA-NEWS. January 11, 2011. International Bank for Reconstruction and Development (the World Bank) granted the loan amounting to USD 78 mln. to Kazakhstan Electricity Grid Operating Company JSC (KEGOC) on the security of the Government of Kazakhstan for implementation of Alma Electricity Transmission Project. 

Respective agreements were signed between the Ministry of Finance of Kazakhstan, International Bank for Reconstruction and Development and KEGOC JSC on 25 December in Astana. 

Execution of the loan agreement proceeds partnership relations and successful experience of cooperation on development of electric power infrastructure in Kazakhstan.

Financing the project included in Boosted Industrial Innovative State Program (BIISP) up to 2014, became possible due to support of the Government of Kazakhstan and appropriate decisions made by the sole shareholder relating to increase of KEGOC authorized capital.

Loan is expected to be serviced from own funds of the Company making it possible to avoid additional load on the state budget. Raising of long-term loan with minimum interest rate will allow reducing its influence on tariffs for KEGOC services consumers.

Alma Electricity Transmission Project is a component part of BIISP.

KEGOC plans to implement this project within 2011-2014 that will secure reliability of power supply in Almaty and Almaty Oblast, power delivery of first stage of Balkhashskaya TPP (1320 MW) by creating the electric power ring in Almaty generation center.

From 1999 to 2009 KEGOC in partnership with the World Bank implemented such large electric power projects as Kazakhstan Electricity Transmission Rehabilitation Project, Project “Construction of 500 kV Second Transmission Line of Kazakhstan North-South Transit”. In November 2009 the IBRD and KEGOC signed the loan agreement for USD 48 mln. to implement the Moinak Electricity Transmission Project.