ALMATY – Kazakhstan’s Mazhilis (Parliament’s lower chamber) has approved a landmark framework agreement with the OPEC Fund for International Development, paving the way for expanded financing of private-sector investment projects across key sectors of the national economy.
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The agreement was ratified during a plenary session chaired by Mazhilis Chairman Yerlan Koshanov. Presenting the document to lawmakers, First Vice Minister of National Economy Azamat Amrin outlined the goals and mechanisms of cooperation, the ministry’s press service reported on Dec. 4.
According to the head of the working group Bauyrzhan Smagulov, the agreement enables OPEC to issue loans at interest rates between 2.5% and 5%, without requiring sovereign guarantees from the Kazakh government.
“Under the agreement, the fund’s assets and income are exempt from direct taxes, with full access to currency conversion and fund transfers. The document also defines the legal status of the fund, grants it privileges and immunities, and establishes protections for the fund and its beneficiaries, including a dispute resolution mechanism through arbitration,” he said.
Ratifying the agreement will allow OPEC to support Kazakhstan in advancing its national development priorities by providing financing across a wide range of sectors, including energy, industry, transport infrastructure, finance, agriculture, water management, telecommunications, education, and healthcare.
Under the cooperation framework, Kazakhstan’s private sector is expected to receive up to $400 million in financing between 2026 and 2030, enabling the implementation of diverse investment projects to stimulate economic growth and strengthen long-term competitiveness.
