May 5, 2014 1:39 am JST

Kazakhstan to pour $5.5B into diversifying economy

MINORU SATAKE, Nikkei staff writer

ASTANA, Kazakhstan -- Kazakhstan plans to spend $5.5 billion to overhaul its financial system and pursue other reforms with an eye toward forging an economy less reliant on natural resources.

     The Asian Development Bank will effectively oversee the use of $2.75 billion as part of a co-financing arrangement involving the Kazakh government. The parties signed off on the framework Sunday at the ADB's annual meeting here.

     Kazakhstan aims to nurture a banking industry and small businesses through the initiative, helping to boost the economy's productivity.