Kazakhstan and ADB Mark 30 Years of Partnership with Reforms and Change
The Asian Development Bank (ADB) and Kazakhstan are gearing up to celebrate a significant milestone in 2024, as it marks 30 years since Kazakhstan joined ADB in January 1994. ADB Regional Director for Central Asia and West Asia, Yevgeniy Zhukov, highlighted the key projects that have been accomplished over the past three decades.
Throughout this period, ADB has been a steadfast supporter of Kazakhstan, committing close to $7 billion in assistance across 130 diverse projects. These projects have had a considerable impact, upgrading roads, improving access to drinking water, providing housing for women, and supporting small and medium-sized enterprises.
Key projects have included road improvements between major cities, countercyclical support, and financing for renewable energy projects such as solar power plants. ADB’s role was particularly crucial during the COVID-19 pandemic, offering vital financial support to Kazakhstan for social sector assistance and essential medical equipment procurement.
Looking ahead, ADB plans to continue its support with two transport projects in 2024, focusing on enhancing connectivity between Kazakhstan, Uzbekistan, and Turkmenistan. Additionally, the new country partnership strategy approved for Kazakhstan will focus on sustainable economic growth, combatting climate change, and promoting inclusive economic development.
Economic reforms in Kazakhstan have shown promising results, with a growth rate of 5.1% reported in 2023. ADB experts project continued economic growth in the coming years, with revised growth forecasts for Kazakhstan.
Regional cooperation is vital for Kazakhstan and neighboring countries, as emphasized by ADB’s support for the Central Asia Regional Economic Cooperation (CAREC) program. Kazakhstan will chair the CAREC program in 2024, further strengthening economic ties and connectivity in the region.
Overall, Kazakhstan’s progress in economic reforms and regional cooperation is commendable, with a focus on sustainable development and inclusive growth. ADB’s continued support and partnership with Kazakhstan will play a significant role in the country’s ongoing development efforts.
