30 september 2020

Central Asia news

Kazakhstan will build Aktau-City for $20 billion

12.09.2007 11:34 msk


Business Kazakhstan

Almost $20 billion will be invested in construction of Aktau-City, a harbor city to be based on the existing Aktau (Shevchenko before 1991), President of Kazakhstan Nursultan Nazarbayev said.

Up to $7 billion are to be invested in Aktau-City within the first five years of construction. According to Nazarbayev, some of the money for the project will be raised by investors from the countries of the East. The president himself intends to attend the solemn ceremony where the foundation stone will be laid on September 11.

Kazakhstan hopes to make it one of the largest cities on the Caspian coast. Nazarbayev is determined to have Aktau-City rival Astrakhan in Russia, Baku in Azerbaijan, and Iranian and Turkmen harbors. "It will be a modern city, complete with the infrastructure and entertainment industry," Nazarbayev said.

The population of Aktau, Kazakhstan's only sea port for dry cargo, oil, and oil products shipments, is in the vicinity of 145,000 these days.