Prospects for cooperation and implementation of projects had been discussed during the Kazakhstan-Saudi Arabia Investment in Nur-Sultan, where more than 30 companies from Saudi Arabia met officials and business representatives from Central Asian country.

The sovereign loan will be used for the reconstruction of a 204 km road section between the cities of Kyzylorda and Zhezkazgan, as well as the construction of a 14.8 km bypass road around Kyzylorda, a city in south-central Kazakhstan.

The agreement was reached during recent talks between Kazakhstan's Prime Minister Askar Mamin and the EBRD President Odile Renault-Basso.

The growth forecast for the region was increased to 4.1 percent in 2021 from a previous projection of 3.6 percent in July and 3.4 percent in April.