A meeting of the Coordination Council for Cooperation of the Government of the Republic of Kazakhstan with International Financial Institutions was held in Ukimet Uiy, chaired by Prime Minister of the Republic of Kazakhstan Olzhas Bektenov. The event was attended by representatives of the World Bank, the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), and the Eurasian Fund for Stabilization and Development, as well as representatives of the Eurasian Development Bank, the Islamic Development Bank, the Asian Development Bank, and the French Development Agency via videoconference.

Special attention was focused on Kazakhstan's new stage of development in light of large-scale reforms. One of the core principles of the new Constitution is creating the most favorable conditions for business development and key national investment projects.

"Under the leadership of President Kassym-Jomart Tokayev, major constitutional and institutional reforms are being carried out in Kazakhstan. I am confident that all of this will contribute to the country's further sustainable, dynamic economic growth, including through partnerships with international financial institutions. The Government is open and ready for dialogue, recommendations, and proposals aimed at expanding our mutually beneficial cooperation for the socio-economic development of Kazakhstan," Olzhas Bektenov emphasized.

During the meeting, participants reviewed issues of cooperation in water management, housing construction, and municipal infrastructure.

In housing finance, participants discussed tasks related to providing citizens with affordable housing. Zafar Khashimov, Regional Lead at the International Finance Corporation, noted that Kazakhstan is the Central Asian leader in GDP per capita. In 2025, more than 20 million m² of housing was commissioned in the country, and 11.3 million m² was completed in the first eight months of this year. He highlighted the potential for increasing commercial financing in the housing sector and refining targeted state support mechanisms. In this regard, a set of measures was discussed to boost the effectiveness of existing tools, expand mortgage instruments, and provide targeted subsidies.

Special attention was paid to the implementation of major infrastructure and environmental projects.

Under Phase I of the "Northern Aral Sea and Irrigation Systems Modernization" project, carried out jointly with the International Bank for Reconstruction and Development (IBRD, a member of the World Bank Group), work has begun on restoring the Aral Sea and reconstructing canals in Kyzylorda and Turkestan regions. Under the first phase, 133 projects of RSE "Kazvodkhoz" and SKE "Turan-Su" were presented. Implementation will increase the surface area of the Northern Aral Sea to 3.9 thousand km² and its water volume to 34 km³. Plans call for the reconstruction of more than 1.4 thousand km of irrigation networks, major repairs to a reservoir, and the automation of water resource accounting and control across irrigation systems. Completion is scheduled for 2030. The project aims to strengthen water security, develop agriculture and fisheries, modernize agrotechnological structures, and restore the ecosystem of the Northern Aral Sea.

Andrey Mikhnev, World Bank Country Manager for Kazakhstan, emphasized the significance of the project and reaffirmed the development institution's readiness to provide expert and financial support for the long-term management of the region's water resources.

Additionally, in partnership with the EBRD, a project will be implemented to restore hydraulic structures and 56 canals stretching over 676 km in East Kazakhstan and Abai regions. Water availability for irrigated lands is planned to increase from 80.6 thousand to 92.3 thousand hectares, with water storage capacity expanding from 42.7 million to 114.5 million m³. Consequently, a positive impact on the development of the agro-industrial complex is expected.

Minister of Industry and Construction Yersaiyn Nagaspayev reported on plans to cooperate with the EBRD on reconstructing wastewater treatment plants in Ridder with a capacity of 19 thousand m³ per day. This will update infrastructure and improve water quality in the Tikhaya River basin. EBRD Managing Director for Central Asia and Mongolia Hüseyin Özhan highlighted the importance of rational water use and confirmed the bank's intention to participate in modernizing Kazakhstan's water and municipal infrastructure.

Comments on the issues raised were delivered by Deputy Prime Minister – Minister of National Economy Serik Zhumangarin, Deputy Prime Minister Kanat Bozumbayev, Advisor to the President – Chairman of the Agency for Strategic Planning and Reforms Asset Irgaliyev, Chairperson of the Agency for Regulation and Development of the Financial Market Madina Abylkassymova, Minister of Finance Madi Takiyev, Deputy Minister of Water Resources and Irrigation Zhandos Salimov, and Chairperson of the Board of Otbasy Bank Lazzat Ibragimova.

Following the meeting, the Prime Minister highlighted the strategic importance of developing housing construction and executing water resource projects. Relevant government agencies were issued a series of directives regarding the presented initiatives, as well as instructions to tighten control over the efficient use of funds within joint projects.

#Olzhas Bektenov #Finance #International Cooperation

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