Islamic Development Bank commits $2bn to Kazakhstan’s infrastructure development
The Islamic Development Bank has committed up to $2bn to bolster crucial projects in Kazakhstan’s water management and transport sectors. This commitment comes as part of a Framework Program Agreement signed between the Government of Kazakhstan and the Islamic Development Bank during a forum organized by the OPEC Fund for International Development.Photo: Islamic Development Bank commits $2bn to boost Kazakhstan’s water managementSource: Official information resource of the Prime Minister of the Republic of Kazakhstan The agreement, finalized by Deputy Prime Minister and Minister of National Economy Nurlan Baibazarov marks a milestone in Kazakhstan’s efforts to attract substantial long-term investments for critical infrastructure initiatives slated to commence this year. Highlighting the specifics, the Ministry of Water Resources and Irrigation has identified 16 projects focused on the construction and renovation of reservoirs, dams, irrigation canals, counter-regulators, and associated infrastructure.Simultaneously, the Ministry of Transport has proposed four projects dedicated to the reconstruction and construction of more than 500 kilometers of national roads. These endeavors are crucial for enhancing connectivity and facilitating economic growth across various regions of Kazakhstan.Under the terms of the agreement, both parties have committed to ongoing consultations and rigorous monitoring to ensure the efficient execution and successful completion of these joint projects. This collaborative approach underscores the shared commitment to achieving developmental milestones and advancing Kazakhstan’s infrastructure landscape.The infusion of funds from the Islamic Development Bank is expected to not only stimulate economic activity but also create numerous employment opportunities and improve living standards throughout the country. Since joining the Islamic Development Bank in 1995, Kazakhstan has benefited significantly from its partnership. Over the years, the IsDB has been instrumental in Kazakhstan’s development, overseeing the implementation of 67 projects totaling around $1.8bn. Follow Daryo’s official Instagram and Twitter pages to keep current on world news.
