The Senate approved Kazakhstan's multi-billion dollar loans from international banks.

The Senate deputies have approved loan agreements made by Kazakhstan with the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), and the International Bank for Reconstruction and Development (IBRD), reports IA "NewTimes.kz".

Under the agreement with ADB, a loan of 52.3 billion Japanese yen (approximately 179 billion tenge) is stipulated. The agreement with AIIB anticipates attracting an additional 52.7 billion Japanese yen (around 180 billion tenge).

The funds obtained from these two loans will be directed towards the development of transportation infrastructure, support for the industry, enhancement of the education system, and the implementation of other priority projects.

The agreement with IBRD outlines a loan provision of 84.9 billion Japanese yen (about 291 billion tenge). This money will be utilized to finance key programs and commitments included in the republican budget for the current year.