Islamic Development Bank to Fund Water Projects in Kazakhstan
The Islamic Development Bank (IDB) has agreed to provide grants and financing for water projects in Kazakhstan. Kazakh Deputy Prime Minister and National Economy Minister Nurlan Baibazarov and IDB Group Chair Muhammad Al Jasser reached this agreement in Saudi Arabia on April 29, as reported by the Prime Minister’s press service.
The IDB will invest in projects involving the construction and reconstruction of reservoirs, hydraulic structures, and irrigation systems, as well as the digitalization and implementation of water-saving technologies. They will also allocate grants for the preparation of relevant technical documentation, with the first tranches expected to be transferred this year.
In addition, during the meeting with the CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), Oussama Kaissi, cooperation was agreed upon for reinsurance, insurance, and guarantees with organizations of the Baiterek National Management Holding. The companies are interested in collaborating on joint projects with ICIEC in areas such as transport infrastructure, trade finance, and investment insurance.
Kazakhstan has been a member of the IDB since 1995 and has received nearly $1.8 billion for financing 67 projects. Deputy Prime Minister Baibazarov also met with representatives of large investment funds and companies from Persian Gulf countries during this working trip.
Baibazarov emphasized the interest of IDB members and large investment funds in implementing projects in priority sectors of the Kazakh economy, including those outlined in the National Infrastructure Plan, as well as industrial, energy, and agro-industrial projects. He highlighted the opportunities for long-term preferential loans, direct investments, Islamic and corporate financing, grants, technical support for project preparation, and advanced training for Kazakh specialists.
Furthermore, Baibazarov met with the management of various development funds, including the Saudi Fund for Development (SFD), the Organization of the Petroleum Exporting Countries (OPEC) Fund for International Development, the Kuwait Fund for Arab Economic Development (KFAED), the Abu Dhabi Fund for Development (ADFD), and the Islamic Corporation for the Development of the Private Sector (ICD), among others. This collaboration aims to further support and promote economic development in Kazakhstan through various investment and funding opportunities.
