ALMATY – Islamic Development Bank (IsDB) will allocate $1.3 billion to support the construction and modernization of infrastructure in Kazakhstan’s special economic zones (SEZs) and industrial zones (IZs), following agreements signed in Jeddah, Saudi Arabia, on Feb. 26.
From L to R: Kazakhstan’s Minister of Industry and Construction Yersayin Nagaspayev and IsDB President Muhammad Sulaiman Al Jasser. Photo credit: Ministry of Industry and Construction.
The funding was confirmed during a working visit by Kazakhstan’s Minister of Industry and Construction Yersayin Nagaspayev to Saudi Arabia, where he met with IsDB President Muhammad Sulaiman Al Jasser, reported the ministry’s press service.
Expanding investment cooperation
During the talks, the parties discussed the current state and future prospects of cooperation between the IsDB and Kazakhstan’s financial institutions, as well as the expansion of investment cooperation in priority sectors of the economy. Particular attention was given to industrial infrastructure development and the modernization of engineering networks.
Alongside the $1.3 billion infrastructure financing framework, the parties also signed a separate agreement under which the IsDB will provide a $1.3 million technical assistance grant.
“The signed documents create a solid financial and institutional foundation for modernizing zone infrastructure and represent an important step in strengthening the strategic partnership between Kazakhstan and the Islamic Development Bank,” Nagaspayev said.
Improving governance and digitalization
The grant support will focus on improving SEZ management mechanisms, digitalizing processes, introducing modern administrative standards and enhancing the professional competencies of management companies.
Officials noted that these measures are expected to establish a more transparent and efficient operational model for economic zones, aimed at attracting investment and developing export-oriented industries.
