On the ratification of the Financing Framework Agreement (KAZ: Investment Program of the CAREC Transport Corridor 2 (sections of the Mangystau region)

Home / RLA / On the ratification of the Financing Framework Agreement (KAZ: Investment Program of the CAREC Transport Corridor 2 (sections of the Mangystau region)

Law of the Republic of Kazakhstan dated January 14, 2012 No. 544-IV

To ratify The Financing Framework Agreement (KAZ: The CAREC Transport Corridor 2 Investment Program (sections of the Mangystau region), signed in Astana on April 7, 2011.

President of the Republic of Kazakhstan N. NAZARBAYEV

FINANCING FRAMEWORK AGREEMENT (KAZ: TSAREC TRANSPORT CORRIDOR 2 INVESTMENT PROGRAM (Sections of Mangystau Region)

Sides

This Financing Framework Agreement ("RSF") dated April 7, 2011 was concluded between the Republic of Kazakhstan (Kazakhstan, the Borrower) and the Asian Development Bank ("ADB").

MMF Investment Program

The borrower plans to carry out the reconstruction of the land plots The CAREC Transport Corridor 2 in Mangystau Region (the "Investment Program"). The Investment Program is an integral part of the Transport Infrastructure Development Program of the Republic of Kazakhstan for 2010-2014, as well as the CAREC Strategy and Action Plan in the Transport and Trade Facilitation sector. The Investment Program and roadmap are described in Appendix 1 to this Agreement. The total cost of the Investment Program is equivalent to $1.2 billion USD.

Multi-tranche financing mechanism

The multi-tranche Financing Mechanism (MMF) is designed to finance projects included in the Program, provided that such projects meet the criteria set out in Annex 4 to this Agreement and the provisions set out in this RSF. The MMF consists of physical investments to improve roads and border infrastructure, as well as non-physical investments to develop institutional capacity, which includes follow-up project preparation, project management, asset management, and border crossing procedures.

This Funding Framework Agreement

This RSF is not a legal obligation on the part of the ADB to provide any financing. At its sole discretion, with appropriate justification, ADB has the right to reject any financing request sent by the Borrower, cancel the outstanding part of the MMF, and revoke the Borrower's right upon request of any tranche under the MMF. Tranches of financing may be provided by ADB, provided that all provisions remain in effect in accordance with the general obligations and expectations of the parties on which the MMF is based and which are set out in this RSF. This RSF is not a legal obligation on the part of the Borrower to request any financing. The borrower has the right not to request financing under the MMF. The Borrower also has the right to cancel any outstanding part of the MMF at any time. The Borrower and ADB have the right to exercise their respective rights to cancel the MMF or any outstanding part of it, and ADB has the right to exercise its right to refuse a financing request by sending a written notification to the other party. The written notification must contain an explanation of the cancellation or refusal and, in case of cancellation, specify the date on which the cancellation takes effect. Financing Plan Indicative financing plan The Investment Program for the period 2011-2015 is presented in the table below. The details are set out in Appendix 1 to this RSF. __________________________________________________________ Total Amount Share (%) of (million. general The source of funding is USD.USA) amounts __________________________________________________________ Investment Program Asian Development Bank 800.0 70.0 Government 412.0 30.0 Total 1,212 100 Project 1 Asian Development Bank 283 85 Government 50 15 Total 333,100 ____________________________________________________ Source: ADB estimates.

Financing conditions

ADB will provide loans to finance projects under the Program as the latter are ready for financing, provided that the Borrower complies with the following provisions and the project and its components comply with the same provisions. Each loan is a tranche under the MMF. Each tranche can be financed according to conditions that differ from the financing conditions of the previous or subsequent tranches. The choice of financing terms will depend on the project, capital market conditions, and ADB's financing policy prevailing at the date of signing the tranche loan agreement. Tranches can be provided sequentially or simultaneously, some may coincide with each other in time. The maximum and minimum size of the tranche has not been set. Fees for MMF obligations or guarantee fees are not payable. They are payable only in respect of funds actually provided by ADB as a loan. The ADB rules on reservation fees applicable to the provision of a tranche apply to such a tranche. The amount The maximum amount of financing provided under the MMF is eight hundred million dollars ($800,000,000). It will be provided in separate tranches from the usual capital resources of the ABR1. The terms and conditions of each tranche will be determined in the context of each tranche and consistent with the prevailing ADB policy. The period of availability of borrowed funds The last date on which any payment can be made for any tranche will be June 2017. The last tranche of financing must be made no later than December 2013. Terms and Conditions The Borrower will use the funds of each tranche to finance Program expenses, in accordance with the terms specified in this RSF and loan agreements for each tranche. The funds of the loan under the MMF will be used to finance projects, the eligibility criteria and approval procedures for which are set out in Annex 4 to this RSF.

Realization

The Executive Agency for the Program is Ministry of Transport and Communications (MTK). The Committee of Highways (KAD) at the ITC will function as Implementing Agency. The Executive Agency will implement the Program in accordance with the principles set out in Annex 1 to this Agreement and the additional legal requirements provided for in the loan agreements for each tranche.

Periodic funding requests

The borrower may request and ADB may agree to provide a loan under the MMF to finance the Program and its constituent projects upon receipt. Periodic Request for Financing (PPF). Each RFP must be submitted by the Borrower. The borrower provides The MTK funds the tranche in accordance with the specified PPF and loan agreements for the tranche. The ADB will review the PFAS and, if it finds them satisfactory, will prepare an appropriate loan agreement. Projects for which financing is requested under the RSF should be selected in accordance with the criteria specified in Annex 4 to this Agreement, should pass satisfactory appropriate financial and economic analyses, appropriate environmental protection measures and fiduciary bases and other documents should be prepared. ADB and Kazakhstan should coordinate MMF Administration Guidelines (RAM) and a timetable so that appropriate actions can be initiated as soon as possible. The final FRAME will be confirmed by the parties during the negotiations on the RSF and the loan agreement for the first tranche. Until Kazakhstan provides notification to the contrary, the Ministry of Finance will be the authorized representative of Kazakhstan for the purpose of signing the PPF.

General implementation structure

The MMF will be implemented in accordance with the general structure and implementation measures specified in Annex 3 to this Agreement.

Procedures

The tranches to be provided under the MMF are subject to the following procedures and obligations: (i) The Borrower notifies ADB of the upcoming loan agreement in advance before submitting the Loan Agreement. (ii) The Borrower submits the Loan Agreement in a format agreed with ADB. (iii) ADB, at its sole discretion, may refuse to negotiate and sign any loan agreement for the tranche. (iv) If the ADB confirms the acceptance of the PPF, the parties will negotiate and sign a loan agreement.

Information in the PPF

The RFP should basically be submitted in the form attached to this Agreement and contain the following provisions: (i) The loan amount; (ii) A description of the projects/components to be funded; (iii) Cost estimates and financing plan; (iv) Implementation mechanisms identified for the Project; (v) Confirmation of continued operation and commitment to the provisions of this Agreement; (vi) Confirmation of compliance with the provisions of the previous Agreement/Agreements; and (vii) Other information that may be requested under the MMF Administration Guidelines or that the ADB may reasonably require

Environmental protection measures

The framework documents on environmental protection measures that must be followed in the implementation of the MMF are attached in Annex 5. The ADB Environmental Policy Statement (2009), effective on the date of signing the tranche loan agreement, will be applied to projects funded under such tranche.

Purchases

All goods, works and services financed under the MMF should be procured in accordance with the ADB Procurement Guidelines (2010, with additions periodically made to it).

Consulting services

All consulting services funded under the MMF should be procured in accordance with the ADB Guidance on Attracting Consultants (2010, with additions periodically made to it).

Consulting services

All consulting services funded under the MMF should be procured in accordance with the ADB Guidance on Attracting Consultants (2010, with additions periodically made to it).

Preliminary procurement procedures

In accordance with the policy and procedures, ADB may approve preliminary procurement procedures for construction works and consulting services within each tranche. The Republic of Kazakhstan confirms that any approval of the preliminary procurement procedures does not constitute an obligation for ADB to finance the costs incurred in this regard or the related project.

Disbursement of funds

Payments will be made in accordance with the ADB Funds Disbursement Guidelines (2007, with additions periodically made to it). In those projects for which land purchase and resettlement are provided, the use of loan funds cannot be carried out to pay for construction work until all land plots and right-of-way necessary for construction work have been purchased and freed from any rights or claims of a third party or any other obstacles..

Monitoring, evaluation and reporting activities

Monitoring, evaluation and reporting will be carried out in accordance with the activities set out in the Annex to this Agreement and described in detail in the Framework.

Commitments

Appendix 6 presents the obligations assumed by the Borrower in relation to the MMF.

______________________________ 1 Each loan will be subject to the provisions of the Rules on Conventional Loans applied to LIBOR-based Loans from ADB's Conventional Capital Resources dated July 1, 2001, subject to changes, if any, made under the Loan Agreement (the aforementioned Rules on Conventional Loans, which may be included in any Loan Agreement (these Rules on Loans from Ordinary Operations, as amended, if any, are hereinafter referred to as the "Rules on Loans from the ROC").

REPUBLIC OF KAZAKHSTAN ASIAN DEVELOPMENT BANK

____________________ ____________________ Name of the Authorized Representative Name of the Authorized Representative Representative Representative

APPENDIX 1 ROAD SECTOR MAP, STRATEGIC CONTEXT, ACTION PLAN AND THE INVESTMENT PROGRAM

But. Map of the road sector

1. Strategic goal

1.The Government has developed the Strategic Development Plan of the Republic of Kazakhstan until 2020 (approved on February 1, 2010 for all sectors) and the State Program for Accelerated Industrial and Innovative Development (GPFIID), approved on March 19, 2010. The program is aimed at strengthening the country's economy by diversifying the economic structure and integrating development programs of all sectors into one package document2. 2. To effectively support the Strategy and GPFIID, the previous road development plan for 2006-2012. (PRA) was finalized and expanded into the Program for the Development of the Transport Infrastructure of the Republic of Kazakhstan for 2010-2014, (PTI), approved by the Government in September 2010. PTI will develop an efficient transport system integrated into the international system in the vision (1) The transport system is highly technological, competitive and meets international standards; (2) safe and (3) takes into account the interests of the economy, national security, geopolitics and business.

2. Challenges

3 With a relatively low density of railways and waterways, highways are the dominant means of communication. The length of roads in Kazakhstan is about 148,000 km, of which 93,600 km are public roads. Public roads are classified into national and local roads. International and national roads account for 25% of public roads and 50% of all traffic. 4 Kazakhstan, being located in the center of transport flows between Europe and Asia, has a huge transit potential, providing strategic highways along rapidly developing transcontinental routes. Only a few land transport routes can circumnavigate the territory of Kazakhstan, connecting north with south and west with east. The volume of trade between Asia and Europe, which reached 700 million US dollars in 2009, is expected to reach 1 trillion US dollars by 2015, of which 20% pass through the territory of Kazakhstan. These transit shipments are projected to generate about $1.1 billion in revenue for Kazakhstan. 5 Despite its enormous potential, transit traffic has declined due to the worn-out infrastructure of the main six international corridors. These main corridors are mostly paved, but their technical and operational characteristics (evenness and strength) are far from international standards, exceeding their permissible loads and dimensions. The average speed along the TRACECA corridor, one of the main international transit corridors, is less than 20 km per hour. Barriers to border crossing are another barrier to increased transit traffic and trade. The main limitations include: (1) unjustified delays and complicated procedures at customs and border inspection; (2) discrepancies between the national legislation of the Republic of Kazakhstan in the transport industry and international standards; (3) The absence of international treaties regulating transit and movement.3 Attracting transit traffic is the Government's main priority within the framework of the Strategy, and the main measures are focused on the reconstruction of major international corridors and the elimination of border restrictions. 6. In 2008, 13,739 road accidents were registered in Kazakhstan, resulting in 3,351 deaths and 16,400 injuries. Despite the fact that the number of road accidents is decreasing by 7-8% annually, speeding and inappropriate design solutions for roads are common causes of road accidents. The inadequate system of road operations and traffic management is the cause of many problems, such as high mortality rates, vehicle congestion, and low revenues from transit operations, partly as a result. Managing road operations and traffic requires reliable and accurate data on all aspects of the road network. A preliminary information system could potentially be used and include axial load monitoring and control facilities, road weather information systems, radio messages on highways and electronic signs, as well as traffic registration equipment. Such a system will provide the data required by service managers to make the right decisions to minimize road obstacles and reduce costs, as well as to inform users about the condition of the road in a timely manner. 7. Complete data on roads and traffic plays a very important role in an effective planning process. The Government will develop a traffic data management system that will provide a reliable indicator of the long-term results of the strategies and plans implemented in the country. The existing road inspection and traffic review system needs to be modified so that data on road conditions as well as road work needs are collected. The traffic survey should also be strengthened and expanded, as well as the quality of traffic accident data, which will identify the causes of accidents.

3. External assistance and lessons learned

8. ADB is a leading organization in the sector of transport, customs cooperation, and trade support activities of which Kazakhstan is a member. International Financial Institutions (IFIs) involved in Kazakhstan's road sector include the ADB, the EBRD, the Islamic Development Bank, YAMAS, and the World Bank. ADB funded the Gulshad-Akshetau and Almaty-Bishkek road sections, which were completed in 2002 and 2006, respectively. Overall, the first project was rated as a success.4 The Government has achieved some success in the institutional development and implementation of reforms in the road sector. The budget allocated for those has been increased. road maintenance. The second project was assessed as satisfactory.5 ADB approved the first MMF and a US$ 340 million loan for the first tranche in 2008, and a US$ 187 million loan for the second tranche in 2009. And it is awaiting approval of a loan in the amount of 173 million for the third tranche in 2010. The first two projects comply with the requirements of the financing framework agreement and the terms of the loan agreements.

V. The Program for the development of Transport Infrastructure (TTI)

9. The Government attaches high priority to comprehensive investments in international transit corridors and roads connecting them. Physical investments are focused on the reconstruction of corridors, as well as improving road operations and road maintenance to form an efficient transport system integrated into the international system.

1. Physical investments

10. As part of the Strategy, it is planned to reconstruct 4,417 km of national highways along six major international corridors running through the territory of the Republic of Kazakhstan. Priority investment projects: (1) reconstruction of the Western Europe-Western China corridor; (2) reconstruction of 12 sections with a length of 4,417 km: Shchuchinsk-Kokshetau-Petropavlovsk- border of the Russian Federation; border of the Russian Federation -Uralsk-Aktobe; Astana-Kostanay-Chelyabinsk; Zhetybai-gr. Turkmenistan; Astana-Karaganda; Almaty-Kapshagai; Tashkent-Bakhty; Uralsk-Dostyk; Beineu-Akzhigit-gr. Of Uzbekistan; Omsk-Pavlodar-Maykapshagai; Kurty-Byrylbaytal; Beineu-Aktau, as well as the introduction of other potential transit routes in the West-East and North-South directions. The Government plans to (1) build or improve 7,127 km and repair 9,951 km of national roads and (2) repair and improve 12,485 km of local roads.

__________________________________________ 2 The previous Kazakhstan Transport Strategy for 2006-2015, in support of which the 1st ADB MMF for CAREC 1 was approved, was integrated into Strategy 2020, GPFIID and PTI. The main objectives of the Transport Sector Program remained unchanged: (1) an achievable and affordable, safe, and environmentally friendly system; (2) with self-sustaining investments and operations; and (3) the provision of transportation services by the private sector.  3 Although some improvements have been made and negotiations are underway to facilitate transit and trade, border crossings still require considerable time, given the long delays at the borders due to cargo being adjusted to acceptable restrictions and checked.  4 ADB 2006. Draft Report on the evaluation of the effectiveness of the road rehabilitation project in Kazakhstan (Loan 1455). Manila.  5 ADB. 2002.Draft final report on the Almaty-Bishkek road rehabilitation project in Kazakhstan (Loan 1774). Manila.

Table 1: Construction works by road category for 2010-2014

Project name

2010

2011

2012

2013

2014

2010-2014

Roads of national importance

Construction and reconstruction of roads of national importance

550

1,290

1,914

2,001

1,370

7,127

In total, roads of national importance (including those on a concessional basis)

1,429

2,720

3,424

4,942

4,563

17,078

Local roads

2,274

2,313

2,273

2,805

2,820

12,485

Total

3,703

5,033

5,697

7,747

7,383

29,563

A source: Ministry of Transport of the Republic of Kazakhstan

Table 2: Volumes of road works on construction, reconstruction and repair of public roads in 2010-2014

Project name

billion tenge

2010

2011

2012

2013

2014

2010-2014

Roads of national importance

Construction and reconstruction of highways of national importance (with concession)

153.9

290.6

448.22

454.9

239.5

1,587.1

Repair (medium and capital) of roads of national importance:

20.0

25.0

27.0

30.0

129.0

Total for roads of national importance

173.9

315.6

475.2

489.9

269.5

1716.1

Local roads

Total for local roads

38.1

41.3

53.9

60.8

67.3

261.3

Total

212.0

356.4

529.1

542.7

336.8

1,977.4

loan funds

89.6

153.0

182.5

21.2

489.3

of these, the concession

94.2

215.9

257.4

39.2

606.7

A source: Ministry of Transport of the Republic of Kazakhstan

2. Non-physical investments

11. The strategy aims to improve management and strategic planning capacity; promote market reforms; strengthen safety, construction and maintenance standards; and promote private sector participation in transportation. It focuses on reducing non-physical barriers to the movement of transit goods (including crossing borders), addressing the issue of limited coordination among all stakeholders, insufficient equipment at border crossings, weak information management in the legal sector, etc. The reform of the transport industry is progressing smoothly. A competitive environment in the provision of transport services will be created in order to accelerate the integration of Kazakhstan's transport into the international system and realize the country's transit potential. 12. Non-physical investment opportunities are aimed at promoting private sector participation on selected road sections, applying cost recovery principles, establishing a private sector participation framework that will ensure transparency and selection of project sponsors on a competitive basis, developing a risk management system, and improving the effectiveness of the road maintenance management system. This will improve effective management and accountability, as well as the sustainability of the road sector. Improved governance and accountability can also be achieved through improved reporting and capacity of the ITC, clarity of functional responsibilities between different levels of government agencies, and stricter compliance with security requirements. Improving road safety through comprehensive and coordinated programs, continued improvement of road regulations, and the preparation of an improved and accountable transportation sector development program is the Government's plan.

C. Strategic context

13. The investment program is in line with the ADB 2020 Strategy and the Operational Detail Business Plan (2010-2011).6 The investment program is also consistent with the Strategy of the Government of the Republic of Kazakhstan and the PTI, as well as the Action Plan and the CAREC Trade and Transport Facilitation Strategy. The CAREC Corridor 2 connects the Caucasus with East Asia through Central Asian countries. The investment program is aimed at sections of the corridor in the Mangystau region. 14. The CAREC Strategy and Action Plan. The investment program, aimed at the republican road network, which plays a key role in the regional system, helps to reduce physical and non-physical barriers to regional trade and the movement of goods and people.

D. The basis of the strategy

15. The Road Sector Development Framework for 2006-2012 was developed and included in the first MMF (CAREC Corridor 1).7 It defines basic operational principles and best practices in governance and accountability, sustainable financing, policy and regulatory frameworks, institutional reforms and capacity development, road safety, sustainability of the road sector and road operations. As part of the sector's development framework, MTK has achieved success; (1) the tender procedures for concession projects have been almost completed, (2) the law on concessions has been finalized, (3) the anti-corruption guidelines have been approved, (4) the Finance Department at the ITC has been established for a transparent financial management mechanism, and (6) fiduciary officers are being trained to effectively implement the anti-corruption guidelines. corruption. 16. The framework for the development of the sector was expanded for 2010-2014, reflecting these achievements and planned activities. After the approval of the Investment Program, the previous framework for the development of the sector will be replaced by this Table 3.

__________________________

APRIL 6, 2008. The CAREC Transport and Trade Development Strategy and Action Plan. Manila. The SRTT and the Action Plan for 2008-2017 are aimed at improving the interconnection and competitiveness of the region. NOVEMBER 7TH, 2008. Report and recommendations of the President to the Board of Directors: proposed multi-tranche financing mechanism and loan administration for the Investment Program of the CAREC Transport Corridor 1 (Sections in Zhambyl region) [International Transit Corridor Western Europe - Western China]. Manila.

Table 3: ROAD SECTOR DEVELOPMENT FRAMEWORK (2010-2014)

The Reform Plan

Actions

Status

Planned

Effective management and reporting

Develop a strategy for private sector participation that ensures effective governance through transparent and competitive selection of project sponsors

The first pilot concession project for the section of the CAREC corridor 1 Almaty-Khorgos with the participation of the ADB and the EBRD - the winner of the competition has been determined and negotiations are underway on the terms of the agreement

• Start holding a tender on a concession basis for land plots Almaty-Karaganda and Almaty-Kapshagai, as well as the introduction of ITS on the road Astana-Shchuchinsk

Tender documents for the second concession road project (South Kazakhstan to Uzbekistan, TSARE1 corridor) are under development with the assistance of the EBRD. On April 2, 2010, the Law on Concessions was updated to create more attractive conditions for potential investors

Improve reporting Ministry of Transport and Communications

The goals for performance indicators in the PTI have been set. The IBRD Anti-Corruption Guidelines have been approved by the ITC Website and an online forum has been launched within the framework of the CAREC Corridor 1. The C-E serves as a platform for coordination and communication on project issues and an exchange of views among all project participants (project managers, CNS, NGOs, ITC and IFI) The MTK Ring Road is responsible for republican roads and regional akimats for local roads Budget transfers for the development of local roads Maintenance of roads of national importance is carried out Kazakhavtodor, And local private contractors have established a state-owned enterprise at the regional level, the OblZhoLlaboratory, to control the quality of construction materials and work. Construction supervision services in the framework of projects financed from the budget are transferred to private companies.

• The ITC undertakes to follow the anti-corruption action plan prepared by the World Bank as part of the project Western Europe- Western China

Assign functional responsibilities to different levels of government

Stricter compliance with safety regulations

A study of compensation for losses and fees from road users was carried out. The law on concessions was finalized in 2008. Competitive procedures for proposed concession projects

Tender documentation for a PPP-based project Preparation of a risk allocation strategy (assistance from the EBRD)

Policy and regulation strategy

To improve the national road legislation of the Republic Kazakhstan and prepare a program for the development of the sector

The Law on Highways was amended in 2001, 2004 and 2008. The strategy of the transport sector is included in The state The Accelerated Learning Program Industrial and Innovative Development

Harmonization of the national legislation of the Republic of Kazakhstan to comply with international standards

Institutional reform and capacity development

Achieve world class in road management

Road sector management reform (separation of policy development and execution functions has been implemented). The new Procurement law came into force in January 2008. Control and financial management systems (research completed, system implementation underway) Training of road sector personnel and private contractors in contract management and execution Regional staff training centers have been established in 4 regions • The personnel development plan has been completed

It is necessary to form the planning of the road sector, management and monitoring systems. World Bank support for the CAREC 1 project (institutional component) - for capacity development of the road sector - software for financial planning and road management Innovation and development: cooperation with various institutions. Universities and the private sector to support innovation and curriculum renewal Rules for the effective resolution of issues related to price escalation under consideration

Road safety

Improve road safety through comprehensive and coordinated programs

The Rules of Road Regulation were adopted in 1997. The Traffic Police Committee has been formed The rules on vehicle dimensions and road safety were applied in 2004 in Central Asian countries. A plan was prepared for collecting and processing information on accidents, as well as on safety measures. Technical rules for the design of projects to ensure road safety A requirement has been introduced for the installation of fences on the roadside

The projects are based on the results of safety regulation research in Kazakhstan, through financing The International Organization for Road Safety. The report identifies the need to improve road safety. He also suggests an action plan for road safety. Harmonization of the national legislation of the Republic of Kazakhstan and road safety standards Implementation is needed ITS on the roads

Sustainable development of the road sector

Improve the efficiency of the road maintenance management system

The maintenance manual has been completed. The amount of funds allocated for maintenance has increased. Regular maintenance financing funds increased by 50% in the form of allocated funds per km. Significant redistribution of construction work - 95% of the work has been transferred to private contractors. Regular road diagnostics are carried out

Report on the financing mechanism for road maintenance. Implementation of competitive bidding for regular maintenance and maintenance systems. services based on an assessment of the quality of services provided Review of strategy and business plan Kazakhavtodor, as well as the proposal of recommendations to strengthen its technical and operational capacity. Assessment of the re-introduction of the Road Fund and the involvement of the private sector in the operation of roads under the Investment Program The above actions will be implemented with the assistance of the ADB within the framework of the CAREC Corridor 1 and the EBRD project.

Operation of road transport

Unhindered border crossing

Transport and sanitary control posts at border checkpoints have been removed. Negotiations are underway on these issues. There are no problems with the Central Asian countries regarding weight and dimensions.

Will be implemented Cross-border agreements, and customs and transport regulations, procedures, and documentation will be coordinated and simplified. Restrictions on the weight and dimensions of vehicles will be reviewed.

Introduction of information technologies

Speed cameras are used. The traffic light system is coordinated. The selection of consulting services takes place for the development of ITS within the framework of the ADB's TSARE1 project

Development of a strategic plan for the implementation of ITS technologies in the existing and future road network in the country. Preparation of an implementation plan, equipment specifications, location plan and work schedule for 2,800 km of the Zapadnaya corridor Europe - Western China. The above actions will be implemented within the framework of the ADB CAREC Project 1 (Tranche 1)

Government transport services

• Under review

ADB = Asian Development Bank, CIS = Commonwealth of Independent States, EBRD = European Bank for Reconstruction and Development, ITS = Intelligent Transport system, km = kilometer, MTIC = Ministry of Transport and Communications, ODA = Regional Road Administration , GSP = public-private partnership

Source: GPFIID Transport Sector Development Strategies

E. Proposed investment program

17. The proposed investment program will allow the reconstruction of 790 km of roads of the CAREC 2 transport corridor in the Mangystau region. The investment program's roads will connect Kazakhstan with Azerbaijan, Europe, and Turkey across the Caspian Sea in the west: with Russia in the north; Uzbekistan in the southeast; Turkmenistan in the south. The 790 km sections of the corridor consist of 430 km Aktau -Manash, 84 km Beineu-Akzhigit section (Uzbekistan) and 237 km Zhetybai - Fetisovo (Table 4). 18. Tranche 1 will consist of (1) physical investments for 200 km sections (km 372.6 and km 514.3, km 574 and km 632.3) of the Aktau-Manasha road; and (2) project management and institutional support to strengthen the capacity of the ITC and KAD for planning, project management, road management, and improvement of border infrastructure and equipment. This will include (construction supervision and project management; (2) Feasibility study and detailed design of subsequent projects; and (3) capacity development for road construction and maintenance, procurement plan, contract management, strengthening environmental protection and resettlement, and border crossing activities.

Table 4: Proposed Investment Program ($ million)

____________________________________________________________________ Road Length Amount ($, million) ____________________________________________________________________ Beineu-Manasha 40 km 55.0 - Manasha-Beki 303 km 406.7

- Beki-Aktau 127 km 259.8 - Beineu-Akzhigit 84 km 100.0

- Zhetybai-Fetisovo 237 km 235.0 - Infrastructure, technical facilities at 3.0 border Unforeseen expenses 117.5

____________________________________________________________________ Total 791 km 1,212 ____________________________________________________________________

Source: ADB Calculations

Table 5: Investment Program Financing Plan

A source

Amount ($millions)

Share of financing (%)

ADB Government of the Republic of Kazakhstan Total

800 412.0 1,212.0

67.0 33.0 100.0

A source: ADB and the Ministry of Finance of the Republic of Kazakhstan

APPENDIX 2 STRUCTURE AND FRAMEWORK OF MMF MONITORING

Structure description

Performance targets

Data sources and reporting mechanisms

Background and risks

Goal Promoting sustainable economic development and regional cooperation within the framework of CAREC

By 2020 Increase in Kazakhstan's GDP from approximately $114 billion. (2009) up to $300 billion.

Socio-economic statistics at the national and local levels provided by By the National Agency for Statistics

Background The Government continues to pursue policies that promote economic growth and remains committed to reform, regional cooperation and integration.

Result Increased transport links and efficiency, institutional efficiency

By 2016 An increase in traffic intensity from 3,243 tsd (trans. funds per day) in 2009 up to 13,333 tsd Reduction of travel time between Aktau and Beineu from 12 to 5 hours. Reduction of the annual number of road accidents in Aktau-Beineu sections from 21 in 2009 to 15, Road financing increased from 1% (2008) to 1.5% by 2020. The budget for road maintenance has been increased to 1.5% of GDP by 2020.

National, regional and district socio-economic statistics provided by By the National Agency for Statistics Periodic systematic calculations of traffic intensity and an accident data system Reports from the CAREC CPMM

Prerequisites Increased accessibility and quality of transport services as a result of the improved investment program Simplification of the border crossing procedure Continuous improvement of macroeconomic indicators is a risk Political instability

Results 1.The reconstructed section Mangistau Region of the CAREC Transport Corridor 2

Reconstruction of about 790 km of sections in accordance with the international technical roughness index of less than 4 m/km by 2016

MTK reports on the progress of the project

Background Timely provision of co-financing and support resources Investment Programs Support from local residents

2. The MTK's potential in asset and project management has been strengthened

The Program Management Team is working effectively and requests for subsequent tranches have been submitted to the ADB in a timely manner One third of IA staff completed training programs until 2016. The project of the 3rd tranche was prepared and implemented mainly by IA, the contribution of consultants was reduced The time for crossing the border has been reduced from 1.5 hours to 30 minutes per vehicle by 2016.

MTK reports on the progress of the PPF project submitted to the ADB List of personnel who have received training and details of their training programs

Qualified capacity development experts hired in a timely manner And the interest of the ITC in training its staff The staff, who have successfully completed the training, continues to work on the implementation of the investment program

3. Improved infrastructure and border crossing equipment

The equipment and infrastructure at the border crossing points with Uzbekistan and Turkmenistan were upgraded by 2016. The training of staff responsible for border crossing issues was successfully completed by 2016.

Consultants' reports on the project implementation Monitoring and evaluation of corridor efficiency

Prerequisites Well-established coordination between the various relevant authorities The CAREC Transport Agreement on Border Crossing between Kyrgyzstan and Tajikistan has been expanded to include Kazakhstan Risks Delays in improving border crossing procedures and the implementation of the CBTA Agreement on cross-border trade due to limited coordination of relevant authorities

Important stages of activity Tranche 1 1.1 Involvement of consultants for construction supervision and program management until April 2011 1.2 Award of construction contracts until May 2011 1.3 Physical completion of the project by February 2014. 1.4 Capacity Building Plan developed by May 2011. 1.5 Staff training programs started in June 2011 and completed by December 2016. Tranche 2 1.1 Awarding of construction contracts until July 2011 1.2 Completion of construction works before December 2014 Tranche 3 1.1 Awarding of construction contracts until February 2013 1.2 Completion of construction works before June 2016

Deposits The project of the 1st tranche 1. ADB's MMF, not exceeding $800 million 2. Proposed co-financing from Government: $412 million.

ADB = Asian Development Bank, CAREC = Central Asian Regional Economic Cooperation, CPMM = assessment and monitoring of corridor activities, GDP = Gross domestic product, IRI = International Evenness Index, MMF = Multi-tranche Financing Mechanism, PPF = Periodic funding request, PIU = Project Implementation Department. Source: ADB estimates.

ANNEX 3 FRAMEWORK DOCUMENT FOR IMPLEMENTATION

Project Executor

1. The executive body for the MMF (multi-tranche financing mechanism) will be the ITC, as described in Annex 1 to this Financing Framework Agreement (RSF); and it will be assisted in this by the Highways Committee (hereinafter referred to as the Committee) as the program implementation agency responsible for day-to-day project management. The Committee will be assisted by its Mangystau Department.

Program management

2. The Committee's Program Management Team will carry out all project activities under the supervision and guidance of the Vice-Chairman of the Committee. The State Unitary Enterprise will include technical staff, both appointed from the Committee's staff and hired from outside, depending on the situation. Activities related to financial management will be carried out by the Finance Department of the Committee. The GUP will also perform the following actions: (i) prepare reports, (ii) evaluate, monitor, and analyze project implementation, and (iii) receive approval from ADB and the Government. The program will hire specialists from outside, mainly in the field of environmental and social guarantees and procurement to support the State Unitary Enterprise.

Audit of Project reports

3. The Committee must maintain separate project documentation and accounting documents in order to determine the goods, works and services financed by the loan, the financial sources received, as well as the costs incurred by the project and the local sources of financing used. The financial statements of the project will be reviewed by an independent auditor acceptable to ADB on an annual basis in accordance with existing auditing standards. The borrower will submit annual audit reports to ADB within 6 months of the end of each fiscal year during the implementation of the MMF. The auditor's opinion on the audit of special accounts and expense statements should be indicated separately in the audit report. 4. The borrower must conduct an annual performance audit for each MMF-funded project that will be completed in accordance with the terms of reference acceptable to ADB.

Review

5. ADB, the ITC, the Committee and the MOF should meet regularly as necessary to discuss each individual tranche and any changes to the implementation mechanism or remedial measures that will need to be taken to achieve the objectives of the draft tranche and the financial program as a whole. 6. An interim review of the MMF-funded project will be undertaken by ADB and the Republic of Kazakhstan in the third year of the project. The interim review of the project will include consideration of controversial issues, problems or weaknesses in the project implementation process, as well as managerial, administrative, organizational, technical, environmental, social, economic, financial, poverty reduction and resettlement issues, etc., which may negatively affect the MMF, its tranches, or individual projects and their further implementation. The review will also include verification of the resettlement process, environmental impact and poverty reduction, as well as compliance with the assurances provided in the MMF and agreement on any changes necessary to achieve the objectives of the Investment Program. An interim review of the Investment Program will be undertaken by the ADB and the ROK in the third year from the date of the approval of the MMF by the Asian Development Bank.

Monitoring and evaluation

7. With the assistance of oversight consultants, the Committee should monitor and assess the impact of the project in order to ensure effective management of the project facilities and maximize the benefits of the project. The Committee will ensure that the oversight consultants collect data in consultation with ADB at the initial stage of the project, its completion and 3 years after the completion of the project. 8. Within 3 months from the effective date of the loan agreement for each tranche of the MMF, KAD will develop a project performance assessment System (SOEP) that satisfies ADB in terms of form and content, in accordance with the Investment Program and project performance indicators. The structure of the MMF project and monitoring is described in Appendix 2. The Committee will periodically review the implementation of the project for each individual tranche, as well as for the Investment Plan, in accordance with the SOEP, in order to assess the scope, mechanisms of the project, the pace of its implementation and the achievement of the objectives of the specific project and the Investment Plan as a whole. 9. The Committee will prepare and submit quarterly progress reports on each MMF project to the ADB. The reports should include a description of the work actually performed, the problems and difficulties encountered, as well as a brief financial report consisting of the loan costs for the period, for the past period of the year and total up to the current date, and a report on the measures taken to reduce negative impacts, as specified in the contracts and the environmental management plan., as well as measures to ensure procurement that meets the requirements of environmental protection. 10. The project completion report will be sent to ADB within 3 months after completion of each project. The report on the completion of the MMF will be submitted to the ADB within 3 months after the completion of the Investment Program. Project completion reports should contain a detailed assessment of the projects funded under the MMF and the MMF as a whole, including project design, costs, work of contractors and consultants, social, environmental and economic impacts, economic profitability of the project, and other details for each project as may be required by ADB.

APPENDIX 4

SELECTION CRITERIA AND PROJECT APPROVAL PROCEDURES WITHIN THE FRAMEWORK OF THE MMF

1. ADB will finance only such projects that (i) are part of the Investment Program and Investment Plan described in Annex 1 to this RSF (Financing Framework Agreement), (ii) adhere to the implementation mechanism set out in Annex 3 to this RSF; (iii) meet the suitability requirements set out in the Annex 4 to this RSF; and (iv) fully comply with the social characteristics and are within the safety limits specified in Appendix 5 to this RSF.

But. Selection criteria

2. The proposed project or subprojects must meet the following criteria for financing the MMF: (i) Be directed towards the construction, improvement and renovation of roads that will contribute to the implementation of the Transport Sector Development Program and the achievement of the objectives of the Transport strategy of Kazakhstan and the development of the road sector; (ii) Comply with approved technical specifications that meet the engineering, financial, economic, environmental and social requirements of the Republic of Kazakhstan and the ADB; (iii) Have sufficient co-financing for the implementation of the project or subproject in accordance with the schedule of work, and the maintenance of the project/subproject facilities after completion prior to work; and (iv) Approved by the relevant government authorities, duly executed.

V. Approval procedures

3. The approval procedures for projects proposed for financing under the MMF will be carried out in accordance with internal government procedures and approval processes, in accordance with the additional requirements of the Committee, which are described in Annex 5 to this RSF. 4. For all projects designated for financing by the relevant tranches of the MMF, the approval procedures should be as follows: (i) The Committee will confirm compliance with the selection criteria, and the Borrower will prepare a periodic request for financing (RFP) in a format acceptable to ADB, the Borrower will submit the RFP to ADB along with the conclusions of the feasibility study and technical calculations (if necessary), the terms of reference for hiring consultants, the results of any actions taken, economic and financial assessments (if necessary), and the procurement plan, relevant documents on environmental and social guarantees, including plans for the implementation of such guarantees, as required by the framework documents on environmental and social guarantees prepared for the MMF, as well as the structure of the project and its monitoring. (ii) For projects added during the updating of the Transport Sector Development Program, all legislative approvals/sanctions must be obtained before submitting the relevant RFP to the ADB. (iii) MTK, the Committee, and ADB will communicate through periodic ADB review missions and quarterly progress reports, and these procedures may include prior consultations on PPFs prior to their submission to ADB. (iV) Subject to compliance with the proposed selection criteria and approval procedures, and in accordance with relevant ADB, ADB, and The borrower will negotiate the loan to finalize the project, and upon successful completion of these negotiations, ADB approval will be obtained to finance the project. (V) After receiving approval for financing from ADB, the Committee will proceed with the tender procedures in accordance with the ADB Procurement Guidelines.

APPENDIX 5

SOCIAL CHARACTERISTICS AND ENVIRONMENTAL PROTECTION AND SOCIAL REQUIREMENTS

1. The Borrower will ensure that the requirements described in this Annex and the following framework documents and plans, which have been prepared for the MMF and the first tranche, and copies of which have been provided to ADB, as well as those included in this document, will be followed throughout the preparation and implementation of MMF-funded projects, namely(i) Framework Document on Principles of Environmental Assessment, dated August 12, 2010, (ii) Framework Document on Land Purchase and Resettlement, dated August 11, 2010, and (iii) The Land Purchase and Resettlement Plan dated August 11, 2010 for the first tranche. 2. The framework documents include information directly related to the MMF and requirements in accordance with ADB's social and environmental protection policies: (i) the total expected impact of projects or parts of projects to be funded under the MMF on the environment and forced resettlement; (ii) social and environmental protection criteria to be used in selecting projects and project components; (iii) requirements and procedures that will follow selection and categorization, impact assessment, development of management plans, public hearings and disclosure (including the 120-day rule for disclosure, if applicable), as well as monitoring and reporting; and (iv) institutional arrangements (including budget and capacity requirements) and the duties and powers of the customer and ADB in the preparation, review and approval of security documents. 3. Prior to the preparation of each RFP, the applicability and validity of each environmental impact assessment and resettlement protection framework document will be reviewed and updated to comply with and be consistent with the applicable national legislation of the Republic of Kazakhstan and the ADB Regulations on the ADB Protection Policy (2009), with amendments and additions made from time to time. 4. In all cases, for each new RFP preparation, the Committee will review the current MMF projects to verify their compliance with the safeguards plans and framework documents, and will also provide reports on such reviews to ADB along with other safeguards documents related to these tranche projects and ongoing at the implementation stage. In any case, if a serious discrepancy is found during the review of existing projects, a Corrective Action Plan will be prepared and submitted to ADB. 5. All projects funded under the MMF must comply with the ADB Policy on Environmental and Social Guarantees (dated 2009) and the applicable national legislation of the Republic of Kazakhstan in the field of environment and social guarantees. However, in the event of a discrepancy between the requirements and provisions of the ADB Policy and the national legislation of the Republic of Kazakhstan, an appropriate strategy to address the discrepancy will be proposed by the Borrower after consultation with ADB to ensure compliance with the requirements and rules of the safeguard policy.

Environment

6. The Borrower will ensure that all objects of the Investment Program are designed, built, put into operation, and all projects of the Investment Program are implemented in accordance with the national legislation of the Republic of Kazakhstan, the ADB Guidelines on Protective Measures (2009), the agreed Framework Document on Principles of Environmental Assessment, the appropriate Environmental Impact Assessment (EIA) or The Preliminary Environmental Assessment of the Environment (CEP), as well as the EMP, as indicated below. 7. The Committee will prepare an environmental impact assessment (EIA) or a preliminary environmental assessment (EPA) (as appropriate) for each MMF-funded project in accordance with the framework document on environmental assessment principles, and submit all EPA/EPA to the Ministry of Environmental Protection of the Republic of Kazakhstan for approval and to the ADB. for verification and publication on their website. During the design, construction and operation of such projects, it is necessary to adhere to the approved EIA/EPA. 8. The Committee will ensure the application of EMP in projects. All EMP recommendations will be included in the tender documents and contracts for construction work to ensure their compliance. 9. The Committee: (i) will monitor the contractor's EMP application; (ii) ensure that construction contracts and consulting services include special provisions for the preparation, implementation and monitoring of the EMP, (iii) ensure that measures to reduce the negative impact of the EMP are adequately applied by contractors, appropriate measures of the negative impact of the EMP are taken, and (iv) provide sufficient budgetary resources for the implementation of this activities. The Committee also guarantees timely provision of semi-annual monitoring reports on the implementation of the EMP in the project to the ADB three years after completion of construction. 10. Construction contracts for the project will not be signed until the relevant preliminary environmental assessment or environmental impact assessment, as required by the MMF-funded project, has been approved by ADB.

Land purchase and resettlement

11. The Borrower will ensure that the land and allotment areas required for the project are promptly released from any and all rights and claims of third parties and any other obstacles, and that the provisions of the Resettlement Plan (PP) have been implemented in accordance with (i) all applicable laws and regulations of the Republic of Kazakhstan, (ii) with ADB's Safeguard Policies (2009) and the Agreed Resettlement Framework Document (RAP). (i) The RAP should be reviewed, updated if necessary, and submitted to ADB at least once a year, as well as at the beginning of preparation of each MMF tranche. A RAP consistent with the revised and updated RAP should be prepared and disclosed to those affected by the Project for each project proposed for MMF financing. (ii) The preparation of a RAP for MMF and a RAP for Project 1 consistent with the RAP should be a condition for such an assessment of MMF and tranche. (iii) The revision and updating of the RAP and the preparation and disclosure of the PP for each subsequent project consistent with the RAP should be a condition for such a project assessment, (iv) The preparation and disclosure of the updated PP for each project based on the technical draft and consistent with the RAP should be a condition for the conclusion of the relevant contract(s) for construction work, (v) The completion of the implementation of the full PP should be a condition for the start of construction work. The Committee will include this condition in the construction contracts. 12. According to the ADB Protection Policy Regulation (2009), the following is necessary: (i) Compensation will be provided in the form of payments due, or a search for equivalent land plots will be carried out as stipulated in the approved RAP and Resettlement Plan; (ii) The absence of title documents will not be an obstacle to assistance in resettlement or land restoration, or any other losses; (iii) Co-financing and payments will be made in a timely manner to the affected persons, together with the agreed compensation and rehabilitation provided to them before any land, house or other property was taken away; (iv) The Borrower will cover the costs associated with any unforeseen social and environmental impacts that They may arise during the implementation of the project, in accordance with the framework principles of protection measures within the framework of the MMF; (v) Consultations and complaints regarding resettlement under the investment project should be documented; (vi) Resettlement plans should be updated in case of changes or additional impacts on resettlement; and information on resettlement activities will be provided to ADB as part of the Committee's quarterly reports. 13.The ITC and the Committee will (i) submit the environmental assessment and land purchase plan documents to the ADB for review and disclosure, and (ii) provide timely access to these documents for those whose interests are affected by the project. 14. The Committee will engage, within 3 months from the effective date of the loan agreement for the relevant tranche, an independent expert acceptable to ADB to monitor and assess the resettlement process and its impact. The reports of the independent monitoring expert will be submitted to the ADB on a quarterly basis.

Social impact and other issues

15. The borrower will ensure that independent monitoring of the social impact is carried out throughout the implementation of the MMF, in consultation with local executive authorities, local residents and non-governmental organizations. In this regard, the Committee will ensure that all construction contractors (i) comply with all applicable labor laws, (ii) take all possible measures to hire women and the local population, including the poor living in the vicinity of the MMF-funded project/subproject areas, (iii) disseminate information at workplaces among the employed population about the safety of health during construction work, (iv) ensure equal wages for women and men for work of a similar type, (v) ensure safe working conditions and separate buildings for men and women, culturally appropriate for them, and (vi) refrain from engaging in child labor. Contracts for all projects/subprojects to be funded under the MMF should include special conditions on these issues, and compliance with them will be strictly monitored throughout the investment program for the construction of the CAREC Transport Corridor 2. The Committee must ensure that the State Unitary Enterprise monitors compliance with these provisions.

APPENDIX 6

COMMITMENTS

In addition to the main obligations that will be included in the loan agreements for individual tranches of the MMF, the Borrower will carry out the following activities within the framework of the MMF:

Sector development structure and dialogue

1. The Borrower will (i) ensure that the commitment regarding the highway development plan and the sector development structure specified in Annex 1 to this RSF is maintained, (ii) will support the Investment Program and execute the financing Plan; (iii) notify ADB of any changes to the highway development plan, sector development structure, investment program and financing plan; and (iv) will consult with ADB through dialogue on policy development issues affecting any of these elements.

Budgetary resources

2. The borrower will ensure the provision of co-financing funds necessary for the timely and effective implementation of the investment program through the annual allocation of budget funds to the ITC, and ensure the timely allocation of the necessary resources. The borrower will ensure that the MTK updates the financing requirements for the implementation of the investment program in its annual development program. 3. The borrower will ensure that the MTK allocates a budget for routine maintenance in accordance with the program for the development of the transport sector for 2010-2014. and it will ensure that during each reporting year after 2012, these budget funds increase by at least the annual rate of inflation, while maintaining the current financial balance at all times. Without limiting the general nature of the above, the Borrower will ensure that sufficient funds are allocated and provided in a timely manner for the implementation of the program, as well as ensure that the road sections included in the PTI are maintained in accordance with applicable standards and best international practices. Such expenses will be reviewed annually, and the results will be provided to the ADB upon request.

Construction quality

4. The borrower, through the ITC, will ensure that (i) the highways under the investment program project are restored or built in accordance with the terms of reference; and that (ii) construction supervision, quality control and contract management are carried out in accordance with internationally recognized standards.

Road safety

5. The borrower, through the Committee, will ensure that the Committee establishes the necessary road signs and facilities during the project period and after its completion, such as warning signs, road division lines, road signs and signage, communication points, fences of dangerous areas and traffic monitoring facilities, all in accordance with relevant international conventions which Kazakhstan has signed, as well as with the best industry practices in the production of works.

Governance and anti-corruption

6. The borrower, the executing agency for the project, and the implementing agency must (i) comply with the requirements of the ADB's Anti-Corruption Policy (1998, as amended today) and recognize that ADB reserves the right to investigate, directly or through its agents, any cases of alleged corruption, fraud, or collusion. or coercion related to the Project; and (ii) to facilitate any such investigation, as well as to extend the necessary assistance until such investigation is satisfactorily completed. 7. The Borrower will ensure that the following measures are applied: (i) anti-corruption provisions acceptable to ADB will be included in all tender documents and contracts, including provisions establishing ADB's right to audit and verify the reports and accounts of executive organizations and all contractors, suppliers, consultants and other service providers, if relevant MMF projects/subprojects and investment programs; (ii) all procurement-related decisions will be made by a tender committee composed of representatives of the ITC and other relevant authorities in accordance with the ADB Procurement Guidelines (2010, as amended from time to time); (iii) oversight consultants will be hired to review contractor invoices in accordance with the working drawings. and the technical terms of the contracts; and (iv) information on the selection of consultants and contractors is disclosed through local newspapers and the ITC website.

Project selection and implementation

8. The Borrower will ensure that (a) all projects under the investment program meet the criteria and procedural requirements satisfactory to ADB, as specified in Annex 4 to this RSF, and (b) during the preparation and implementation of projects, the measures specified in Appendix 3 to this RSF, as well as ADB's policies and procedures on protective measures and social characteristics (and especially the requirements specified in Annex 5 to this RSF), on procurement, payments, governance and anti-corruption, and gender issues.

Fiduciary control

9. The Borrower will ensure that all project accounts are reviewed by independent auditors whose qualifications, experience and deadlines are acceptable to ADB, and these audit reports will be submitted to ADB within 6 months after the end of the relevant reporting year, the Borrower will further ensure compliance with the relevant accounting, audit and reporting requirements specified in Appendix 3 of this RSF.

Program Administration Guide (RAP)

10. The borrower will ensure that all projects under the investment program are applied in accordance with the measures detailed in the RAP. Any subsequent changes to the RAP will become valid only after approval of such changes by the Borrower and the ADB. If there are any inconsistencies between the RAP and the loan agreement for the project, the provisions of the loan agreement will take precedence.

I hereby certify that this translation corresponds to the text of the Financing Framework Agreement (KAZ: CAREC Transport Corridor 2 Investment Program (Sections of Mangystau Region) in English, signed in Astana on April 7, 2011.

Head of the Department of Personnel Coordination and Control of the Ministry of Finance of the Republic of Kazakhstan B. Akhmetzhanova

President

Republic of Kazakhstan

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