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. Last Updated: 07/27/2016

EBRD Caspian Loan

ALMATY, Kazakhstan () -- The European Bank for Reconstruction and Development will loan Kazakhstan $53 million to rebuild the Caspian Sea port of Aktau, an official said Monday.

The port is nearly unusable because the Caspian is rising about 17 centimeters a year. Michel Marias, an EBRD representative in Kazakhstan, said rebuilding the port will allow goods to be transported from the Caspian Sea to the Volga and Don rivers and the Black Sea.