Kazakhstan

EBRD Plans to Double Investments in Kazakhstan for the Year

European Bank for Reconstruction and Development to Double Investments in Kazakhstan

The European Bank for Reconstruction and Development (EBRD) has announced plans to double the volume of investments in the Kazakh economy this year. Hüseyin Özhan, acting Managing Director for Central Asia at EBRD, conveyed this decision during a meeting with Kazakh Deputy Prime Minister and National Economy Minister Nurlan Baibazarov on July 5.

At the meeting, discussions revolved around existing projects and the EBRD’s intentions to finance new initiatives. Both parties acknowledged the crucial role of attracting investments for the sustainable socio-economic development of the country.

Baibazarov expressed Kazakhstan’s readiness to collaborate with the EBRD on various projects in energy, transport, logistics, renewable energy sources, and private businesses. Since its inception in Kazakhstan, EBRD has invested €10.2 billion (US$11 billion) through 324 projects. Currently, the bank’s portfolio in Kazakhstan includes 121 projects valued at over €2.9 billion (US$3.1 billion).

In other news, the United Nations Development Program (UNDP) has implemented over 200 projects in Kazakhstan, with a focus on promoting economic growth. These initiatives, amounting to over $200 million, encompass collaborations with local government, public organizations, the business sector, and UN agencies. The projects cover areas such as small and medium-sized businesses, green energy, agriculture, and ecotourism.

Moreover, Kazakhstan is prepared to present the third Voluntary National Review on the implementation of sustainable development goals (SDGs) at the High-Level Political Forum in New York in 2025. Baibazarov emphasized that achieving SDGs is a national priority for Kazakhstan and that the voluntary review will highlight the country’s achievements, challenges, and emerging issues.

Furthermore, discussions with the Organization for Economic Co-operation and Development (OECD) have explored the possibility of opening an OECD representative office in Kazakhstan. Kazakhstan aims to become a full member of the OECD in 2025, building on its long-standing partnership and commitment to implementing OECD recommendations. The cooperation between Kazakhstan and OECD has led to significant reforms in the country, including the establishment of an investment ombudsman, enhanced parliamentary oversight of budget expenditures, and the development of a low-carbon strategy until 2060.

The ongoing partnerships with EBRD, UNDP, and OECD reflect Kazakhstan’s dedication to sustainable development and economic prosperity. Through these collaborations, Kazakhstan seeks to enhance its socio-economic and legal frameworks for the benefit of its citizens and the region.

 

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