Kazakhstan ratified the agreement on IBRD loan for $88 million

Almaty. February 2. Silkroadnews - Kazakhstan ratified the agreement on loan by the International Bank for Reconstruction and Development (IBRD) to finance the productive innovations projects, press service of the head of state informs.
“The head of the state signed the Law of the Republic of Kazakhstan “On Ratification of the Loan Agreement (productive innovation promotion draft) between the Republic of Kazakhstan and the World Bank,” - said a statement on the website Ak Orda on Tuesday.
According to the agreement, as it was reported, IBRD provides Kazakhstan with a loan to the value of $88 million to finance the project to promote the productive innovation. The maturity of the loan is 15 years, including a 5-year grace period.
The interest rate is LIBOR + variable spread for each interest period. One-time commission payable is 0.25% of the loan amount. Commitment fee payable is 0.25% per annum on the unwithdrawn balance of the loan.
The aim of the project is to promote the research and technology commercialization of high-quality and relevant to the country’s needs.
Loan Agreement made in Astana on June 9, 2015.