Islamic Development Bank Sets to Finance Water Projects in Kazakhstan

ASTANA – The Islamic Development Bank (IDB) will provide grants and financing for implementing water projects in Kazakhstan. Kazakh Deputy Prime Minister and National Economy Minister Nurlan Baibazarov and IDB Group Chair Muhammad Al Jasser in Saudi Arabia reached the relevant agreement on April 29, reported the Prime Minister’s press service.

Kazakh Deputy Prime Minister and National Economy Minister Nurlan Baibazarov and IDB Group Chair Muhammad Al Jasser. Photo credit: Prime Minister’s press service

IDB will invest in projects for the construction and reconstruction of reservoirs, hydraulic structures and irrigation systems, digitalization and the introduction of water-saving technologies, as well as allocate grants to prepare relevant technical documentation. The first tranches will be transferred this year.

During the meeting with the CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Oussama Kaissi, the sides agreed on cooperation on reinsurance, insurance and guarantee with organizations of the Baiterek National Management Holding. Companies are interested in implementing joint projects with ICIEC in transport infrastructure, trade finance, and investment insurance.

Since joining the IDB in 1995, Kazakhstan has received nearly $1.8 billion for financing 67 projects.

As part of the working trip, Baibazarov also met with representatives of large investment funds and companies of the Persian Gulf countries.

“We see the interest of the IDB members and large investment funds in implementing projects in priority sectors of the Kazakh economy. These are projects included in the National Infrastructure Plan, as well as industrial, energy and agro-industrial projects,” noted Baibazarov, focusing on long-term preferential loans, direct investments in projects, Islamic and corporate financing, grants and technical support for the preparation of projects and advanced training of Kazakh specialists.

Baibazarov met with the management of the Saudi Fund for Development (SFD), the Organization of the Petroleum Exporting Countries (OPEC) Fund for International Development, the Kuwait Fund for Arab Economic Development (KFAED), the Abu Dhabi Fund for Development (ADFD), the Islamic Corporation for the Development of the Private Sector (ICD), and others.

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