Kazakh President’s working visit to U.S.
Kazakh President Kassym-Jomart Tokayev is currently on a working visit to the U.S. In New York, the Head of State is scheduled to address the general debate of the 78th session of the UN General Assembly, and take part in the Central Asia – U.S. Summit. Additionally, President Tokayev is holding meetings with heads of transnational companies. Particularly, at a meeting with Wabtec President and CEO Rafael Santana, the parties discussed the prospects for cooperation as part of the reconstruction of Kazakhstan’s railway industry. The global transport and logistics leader is set to invest about $1 billion in the domestic sector. Projects are currently being worked out to launch the production of locomotives using hydrogen technology in Kazakhstan. Furthermore, the Head of State held a meeting with Citigroup’s Chief Executive Officer Jane Fraser. President Tokayev commended the role of the U.S. financial conglomerate in connecting the AIFC with global investors and facilitating the digital transformation of the financial sector. He also welcomed Citigroup’s plans to finance transport and logistics projects.
“With funding from Citibank, Wabtec will manufacture 240 new locomotives for our country. This will greatly contribute to the development of the Middle Corridor, as highlighted by the Head of State. The project cost is estimated at $950 million. As previously mentioned, the Kazakhstan Temir Zholy railway company has the opportunity to replace around 15 percent of its locomotives with new ones. Citibank Corporation is providing a $900 million loan, with the US EXIM Bank acting as the guarantor. This matter will be discussed in the U.S. Congress. This demonstrates our openness and interest in foreign investments, including those from the U.S.,” said AIFC Governor Renat Bekturov.