“Modern Silk Road” is expected to promote the economic revitalization of the Central Asian region

The Asian Development Bank said on the 13th, Kazakhstan will provide 700,000,000 U.S. dollars loan to finance the construction of a highway running through Asia and Europe, known as the “modern Silk Road” project is expected to promote the economic revitalization of the Central Asian region.

New Silk Road is the official name of “Central Asia Regional Economic Cooperation program 1 corridor,” a total length of 2715 km from the Kazakh-Chinese border city of Horgos at the start, via Almaty and Shymkent, to reach the final Bordering with Russia’s western border.

Highway projects with a total investment of about 67 billion U.S. dollars, in addition to the ADB to provide loans 700,000,000 U.S. dollars, the Islamic Development Bank also pledged 414,000,000 U.S. dollars of loans, Japan International Cooperation Agency will provide loans 150,000,000 U.S. dollars. Other parties include the financing of the Government of Kazakhstan, the private sector, the World Bank, European Bank for Reconstruction and Development.

Asian Development Bank in West Asia by the Secretary Juan Miranda, said: “This new Silk Road will be between Brussels and Beijing to promote trade, but also to Kazakhstan and its neighbors to create a good economic opportunity.” Asian Development Bank predicts that by 2030, highways in the region will increase the volume of trade by 60%. Road construction projects will be officially launched next year, is expected by 2015, after the transformation of the road traffic will increase the rate of 40%.