ALMATY — Kazakhstan is entering a new stage of partnership with global development banks, said Prime Minister Olzhas Bektenov at a Nov. 27 meeting of the Coordination Council on Cooperation with International Financial Institutions (IFIs), calling their support essential for advancing structural reforms and accelerating economic growth.
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The session brought together senior representatives of the World Bank, International Finance Corporation (IFC), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), Eurasian Development Bank, and Islamic Development Bank, reported the Prime Minister’s press service.
Opening the meeting, Bektenov underscored the strategic value of IFIs for Kazakhstan’s reform agenda.
“We have successfully implemented joint projects, but our potential is far greater — and with financial institutions’ support we can fully unlock it,” he said.
Expanding IFI involvement in high-impact projects
The agenda focused on increasing IFI participation in initiatives with strong multiplier effects, including major infrastructure programs, regional financing mechanisms, and transport modernization.
Participants reviewed proposals for enhancing public-private partnership (PPP) tools. According to the officials, seven large PPP projects with IFI involvement are currently in progress across energy, health care, education, water supply, and transport, while more than 1,100 agreements worth 2.7 trillion tenge (approximately US$5.8 billion) have been signed nationwide.
ADB Country Director Utsav Kumar welcomed Kazakhstan’s efforts to prioritize a clear PPP project pipeline, while EBRD Deputy Director in Kazakhstan Askar Namazbayev emphasized the importance of reducing administrative barriers and enhancing budget risk management.
Strengthening regional financial autonomy
The council discussed mechanisms enabling cities to independently raise financing for investment projects. Officials highlighted ongoing steps to reinforce fiscal decentralization, including the transfer of several tax revenues to local budgets and expanded authorities under the new Budget Code.
According to officials, Almaty, holding an international BBB+ credit rating from Fitch, is currently the only city eligible for direct IFI borrowing. IFC and EBRD expressed readiness to support the city’s environmental and infrastructure initiatives.
Focus on transport, utilities, digitalization and AI
The government reviewed Kazakhstan Temir Zholy’s major investment plan supported by World Bank guarantees, including railway rehabilitation, rolling stock renewal and electrification. World Bank Country Manager Andrei Mikhnev reiterated the bank’s support for enhancing Kazakhstan’s transit capacity.
Bektenov noted the strategic importance of IFI cooperation in upgrading Kazakhstan’s utilities sector under the national modernization program, as well as in advancing digital technologies and artificial intelligence.
Government pledges stronger oversight
Bektenov also stressed that Kazakhstan values its partnership with IFIs for delivering large-scale, socially and economically significant projects.
“Your global expertise helps us identify the best solutions. We welcome recommendations regarding business climate improvements, investment attraction and economic policy priorities,” he said.
At the close of the meeting, he instructed government bodies to strengthen oversight of IFI-funded projects and tasked the Ministry of National Economy with reviewing all proposals and recommendations voiced during the session.
