Deputy Prime Minister – Minister of National Economy of the Republic of Kazakhstan Serik Zhumangarin held a meeting with President of the Islamic Development Bank Muhammad Al-Jasser.

Welcoming the head of the IDB, Serik Zhumangarin noted his personal contribution to the development of partnership with Kazakhstan and emphasized that the visit confirms the strategic nature of cooperation between our country and the Islamic Development Bank.

“Over the past three years, our financial interaction has reached a qualitatively new level. In 2024, the implementation of a large-scale program for the construction and reconstruction of water management infrastructure facilities began with an investment volume of $1.1 billion. Since February of this year, we have started implementing the Framework Agreement to attract $1.3 billion for the development of infrastructure of special economic and industrial zones. In addition, issues of financing the transport projects ‘Kyzylorda – Saksaulsk’ and ‘Bypass of Kyzylorda City’ are being worked out,” the Deputy Prime Minister noted.

Currently, a new Partnership Strategy for 2027–2032 is being developed jointly with the Islamic Development Bank, which will determine the priority areas for further cooperation with Kazakhstan.

President of the IDB Muhammad Al-Jasser emphasized that the potential for interaction is significantly broader than the projects already being implemented.

“Over the years of joint work, effective interaction has been built between our specialists, which allows expanding the project portfolio. The Islamic Development Bank has sufficient flexibility to find solutions to many issues facing member countries. At the same time, we pay special attention to the development of national capabilities, using the internal systems of states to prepare and implement projects. When a country is able to implement projects mainly on its own, it indicates the maturity of its institutions and sustainable development. I am confident that together with Kazakhstan we can do much more,” he noted.

Al-Jasser also emphasized that the Islamic Development Bank is not only a financial institution but also an integrated group operating on the single window principle. Thanks to specialized structures, the group provides comprehensive project support, combining long-term project financing, insurance, and trade finance instruments.

During the meeting, Serik Zhumangarin proposed considering the possibility of opening an additional IDB office in Astana. According to him, the current regional hub in Almaty is successfully performing its functions, but the significant expansion of cooperation requires closer interaction with central government bodies, including on the development of Islamic finance mechanisms.

“We expect that the rich expertise of the Islamic Development Bank will allow us to continue jointly implementing projects aimed at infrastructure development, improving food security, effective management of water and other natural resources, as well as introducing modern and ‘green’ technologies,” the Deputy Prime Minister emphasized.

At the end of the meeting, an exchange of signed copies of the Agreement on Forward Leasing for the Development of Infrastructure of Special Economic and Industrial Zones took place.

For reference: Kazakhstan has been a member of the Islamic Development Bank since 1995. The IDB Regional Office in Almaty, opened in 1997, coordinates the Bank’s activities in the countries of Eastern Europe, the CIS, Mongolia, and China.

Over the period of cooperation from 1997 to 2026, the volume of financing for projects and technical assistance from the IDB in Kazakhstan exceeded $4.2 billion.

Currently, projects in the water, transport, and industrial sectors are being jointly implemented, and a new Partnership Strategy between Kazakhstan and the IDB for 2027–2032 is being developed.

 

#International Cooperation #Investments #Serik Zhumangarin

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