ASTANA – The Arab Coordination Group expressed willingness to finance infrastructure and social projects worth $7 billion in Kazakhstan during a Sept. 4 roundtable meeting.
The amount of long-term direct investment in Kazakhstan’s economy under the terms of the agreements may reach $7 billion at the outset. Photo credit: Prime Minister’s press service
The Arab Coordination Group (ACG) unites institutions such as the Islamic Development Bank, the Saudi Fund for Development, the Organization of the Petroleum Exporting Countries (OPEC) Fund for International Development, the Kuwait Fund for Arab Economic Development, and the Abu Dhabi Fund for Development, among others.
The event was attended by Kazakh Deputy Prime Minister and National Economy Minister Nurlan Baibazarov, President of the Islamic Development Bank Group Muhammad Sulaiman Al Jasser, heads of Arab investment funds, Kazakh government agencies, and quasi-state companies, reported the Prime Minister’s press service on Sept. 4.
During the roundtable, the Kazakh side presented projects in transport, energy, water resources, and healthcare.
Following the meeting, the sides signed the protocol of the roundtable meeting, the framework agreement on private sector operations between the Kazakh government and the OPEC Fund, and the protocol of negotiations between the Ministry of Water Resources and Irrigation and the Islamic Development Bank. The signed documents define the areas of cooperation and a list of potential projects.
Under the agreements, the amount of long-term direct investment in Kazakhstan’s economy may be $7 billion at the outset. The volume of finance is expected to expand in the future.
Baibazarov expressed gratitude to the ACG for its interest in Kazakhstan’s investment opportunities.
“Today, we are taking the first joint step towards strong and long-term cooperation, holding the first meeting of the ACG roundtable in Kazakhstan. Your support and willingness to cooperate are a significant recognition of Kazakhstan’s potential,” he noted.
