Russia extends $12.75 billion loan for Kazakh nuclear plant as project costs rise
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Russia will provide Kazakhstan with a $12.75 billion loan for a nuclear power plant near Lake Balkhash. The loan covers 85% of the project's estimated $15 billion cost. This development occurs even as Kazakhstan faces financial challenges.
Loan Agreement Details
Russia has agreed to finance 85% of the nuclear power plant project near Lake Balkhash, according to Almasadam Satkaliyev, Chairman of Kazakhstan's Atomic Energy Agency. The plant, with a capacity of 2.4 GW, is a project of Rosatom. The total cost of the plant is estimated at $15 billion, with Russia's loan amounting to $12.75 billion.
Kazakhstan's Financial Contribution
Kazakhstan is responsible for funding the remaining 15% of the nuclear plant's cost, approximately $2.25 billion. The project aims to enhance Kazakhstan's energy capacity amid growing domestic demand. The financial arrangement comes as Kazakhstan navigates economic pressures, including currency fluctuations and inflation.
What's Next
The Kazakh government is expected to finalize the project's timeline in the coming months. It remains uncertain how Kazakhstan will secure its portion of the funding.
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Russia extends $12.75 billion loan for Kazakh nuclear plant as project costs rise
