Kazakhstan and EBRD to continue work on modernisation of economy

ASTANA – The Kazakh government and the European Bank for Reconstruction and Development (EBRD) recently signed a new three-year accord extending cooperation within the Partnership Framework Arrangement (PFA) for Enhanced Cooperation for Promotion of Sustainable Development and Growth. The original accord was signed in May 2014 and expired at the end of 2017.

1

The accord includes cooperation on global competitiveness, green economy, privatisation, infrastructure and other priorities. The cooperation is meant to modernise and diversify the Kazakh economy.

A separate accord will be signed covering cooperation in attracting investments, the development of the financial and small business sectors, the stimulation of entrepreneurship and sustainable regional development, states the press release from the EBRD office in Kazakhstan.

“In current circumstances, when the global competitiveness of countries depends on investments, technology development, and human capital, the cooperation and support from international financial institutions is crucial for our country. In this regard, we put the highest value to expanding cooperation with the EBRD and look forward to a further fruitful partnership,” said Kazakh Minister of National Economy Timur Suleimenov.

The Partnership Framework Arrangement is expected to also spur cooperation within municipal infrastructure and identified cooperation priorities, including the development of a green economy and the renewable energy sector, the improvement of Kazakhstan’s global competitiveness, preparations for national company privatisations, among others.

“Over the past three years our joint work within the Partnership Framework has helped boost investments and has driven forward a number of significant reforms in the country. I would like to commend our Kazakh counterparts for the effective work of the Coordination Council and for their financial contribution to various investment projects. We have jointly achieved tangible results in different areas including SME support, innovation, investment climate, regional development and institutional reforms and municipal sector development to name a few,” said EBRD Director for Kazakhstan Agris Preimanis.

Get The Astana Times stories sent directly to you! Sign up via the website or subscribe to our Twitter and Telegram!