Turkish and Korean companies have signed a concession agreement regarding the construction of the Big Almaty Ring Road (BAKAD) project in Kazakhstan worth 150 billion Kazakhstani tenge (around $467.9 million).

Oljas Rayev, Kazakhstan's adviser in charge of investments in the South Korean Embassy, said in a statement made through social media that the agreement was signed between Turkish companies Makyol İnşaat, Alsim Alarko and Korea's SK and Korea Expressway Corporation companies.

Pointing out that the construction works will start this year, Rayev said that the 66-kilometer road would pass through the districts of Karasai, Ili and Talgar of Almaty province and that seven intersections and 13 overpass bridges are planned to be constructed. Noting that BAKAD was a long-awaited and complex project, Rayev said, "It is expected that the environmental situation in Almaty will improve significantly once the road is put into action, and the city will be cleared of kilometers of traffic congestion."