EBRD Sets to Double Investments in Kazakhstan This Year

ASTANA – The European Bank for Reconstruction and Development (EBRD) plans to double the volume of investments in the Kazakh economy this year, said Hüseyin Özhan, acting Managing Director for Central Asia at EBRD at a July 5 meeting with Kazakh Deputy Prime Minister and National Economy Minister Nurlan Baibazarov.

Hüseyin Özhan. Photo credit: Prime Minister’s press service.

During the talks, the Prime Minister’s press service reported that the sides considered existing projects and the EBRD’s plans to finance new ones, noting the important role of attracting investments for the country’s sustainable socio-economic development.

“Kazakhstan is ready for mutually beneficial work with the EBRD to attract investments for the implementation of projects in energy, transport and logistics, the development of renewable energy sources and private business,” said Baibazarov.

Since the beginning of its activities in Kazakhstan, the EBRD has invested €10.2 billion (US$11 billion) in the country’s economy through 324 projects. Currently, the bank’s portfolio in Kazakhstan includes 121 projects worth more than €2.9 billion (US$3.1 billion).

UNDP implemented over 200 projects in Kazakhstan

Baibazarov met with the United Nations Development Program (UNDP) resident representative in Kazakhstan Katarzyna Wawiernia.

Katarzyna Wawiernia. Photo credit: Prime Minister’s press service

UNDP programs are intended to promote the economic growth of UN member nations. Over 200 projects worth over $200 million have been undertaken in Kazakhstan via collaboration with the local government, public organizations, the business sector, and UN agencies. Among them are projects for developing small and medium-sized businesses, green energy, agriculture, ecotourism and other areas.

During the meeting, Baibazarov informed about Kazakhstan’s readiness to present the third Voluntary National Review on the implementation of sustainable development goals (SDGs) at the High-Level Political Forum in New York in 2025.

“Achieving sustainable development goals is a national priority of Kazakhstan. We pay great attention to discussing the implementation of goals at different platforms to find optimal solutions aimed at the sustainable development of our state. The voluntary review will objectively reflect the main achievements, challenges and emerging problems of the country,” he said.

The OECD plans to open a representative office in Kazakhstan

During the meeting with the Head of the Eurasia Division of the Organization for Economic Co-operation and Development (OECD) William Tompson, the sides discussed opening an OECD representative office in Kazakhstan. Today, its regional offices operate in China, Greece, Indonesia and Ukraine.

William Tompson and Nurlan Baibazarov. Photo credit: Prime Minister’s press service

“Kazakhstan has been a stable partner of the OECD for more than 15 years and a leader in Central Asia in the implementation of its recommendations. In 2025, Kazakhstan intends to apply to join OECD as a full member. We are confident that further cooperation will have a qualitative impact on the socio-economic and legal aspects of the development of our state,” said Baibazarov.

Tompson noted the positive experience of interaction between the OECD and Kazakhstan. Based on the recommendations, the country has implemented a number of political and economic reforms. Namely, Kazakhstan established the institution of an investment ombudsman, strengthened parliamentary control over the use of budget funds, introduced a low-carbon development strategy for the country until 2060, created the Supreme Audit Chamber, etc.

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