The European Bank for Reconstruction and Development (EBRD) has invested $41.99 million (€39.02 million) into shares of Kazakhstan’s flagship carrier, Air Astana. The decision supports the country’s first partial privatization through an initial public offering (IPO), QazMonitor reports citing the EBRD’s press service.
The participation of the EBRD (a AAA-rated investor) in the IPO will give additional confidence to institutional and private investors looking at opportunities in Kazakhstan and Central Asia. “The Bank will also use this opportunity to play a greater role in the decarbonization of aviation and to assist in setting up Central Asia's sustainable aviation fuels industry,” the press service reported on February 14.
The EBRD’s investment represents a 5 per cent shareholding in Air Astana. With €10 billion invested in the country to date through 317 projects, Kazakhstan is the EBRD’s largest and longest-running banking operation in Central Asia.
