The Prime Minister of Kazakhstan

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Prime Minister B. Sagintayev and ADB Vice President W. Zhang discuss topical cooperation matters

16 May 2018, 16:43
Astana
Photo: primeminister.kz

Today in the capital, within the framework of the XI Astana Economic Forum, Prime Minister Bakytzhan Sagintayev met with Vice President of the Asian Development Bank, Wencai Zhang.

At the meeting, issues of cooperation with ADB in the light of the new 2017-2021 ADB Country Strategy for Kazakhstan in the main 5 directions of accelerated technological modernization, improvement of business environment, expansion of private sector, macroeconomic stability, human capital, institutional change, security and fight against corruption, were discussed. A number of key priorities for cooperation on economic diversification, inclusiveness and sustainable growth were considered.

For today, the Operations Business Plan of ADB for 2018-2020 includes such important projects as the urban infrastructure modernization, sustainable road maintenance, restoration of the irrigation sector, improvement of the public debt and financial management program, development of housing financing in the green zone, and others.

ADB is considering the possibility for investing about a trillion tenge in agriculture, water, energy, rural and urban development, transport, health, education and financing of small and medium enterprises in Kazakhstan until 2021.

It should be recalled, Mr. Wencai Zhang has extensive experience in banking sector. He was the Director General of the Department for Foreign Economic Cooperation of the Ministry of Finance of the PRC, he was the Executive Director of ADB from the PRC, serving as a Chairman of the Budget Committee and member of the Development Effectiveness Committee, as well as the Ethics Committee. He worked as an Advisor to the Executive Director from China at the World Bank in Washington. He holds a PhD in Finance from the Chinese Academy of Social Sciences, as well as a master's and bachelor's degrees in International Economics from the University of Nankai in China.

For reference: ADB was established in 1966 and is an international financial development institution. The member countries of ADB are 67 states: 48 represent the Asia-Pacific region, 19 are outside the region.

The main financing tools of ADB are loans, guarantees and technical assistance, which are provided to member countries for specific projects and programs.

In Kazakhstan, ADB's office is the Permanent Representation of ADB in Kazakhstan, located in Astana. The ADB regional office in Almaty deals with the development of private business and public-private partnership. Cooperation is carried out within the framework of the Partnership Framework Agreement, the Country Partnership Strategy for 2017-2021, and the Knowledge Sharing Program.

Since the start of cooperation of Kazakhstan with ADB, since 1994 to these days, the Bank has provided 28 government loans for about $4.6 billion, 9 loans in the private sector without a state guarantee for $575.2 million, 89 technical assistance projects amounting to $44.4 million. This year the active portfolio comprised 3 ADB projects worth over $831.1 million and 14 technical assistance projects.

 



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