Kazakhstan and IDB Partner to Build Reservoirs and Highways
ASTANA—Minister of National Economy Nurlan Baibazarov has signed a $2 billion Framework Program Agreement between the Kazakh government and the Islamic Development Bank to fund the construction of reservoirs and highways.
The agreement, signed on June 27 during a forum organized by the Organization of the Petroleum Exporting Countries (OPEC) International Development Fund, aims to support various infrastructure projects in Kazakhstan. The Kazakh Ministry of Water Resources and Irrigation has prepared 16 projects for financing this year, including the construction and reconstruction of reservoirs, dams, irrigation canals, counter-regulators, and related infrastructure.
Additionally, the Ministry of Transport has proposed four projects for the reconstruction and construction of highways of national importance, totaling over 500 kilometers. The agreement includes provisions for regular consultations and monitoring to ensure the successful implementation of the projects and the achievement of set goals. It also strengthens the previously agreed upon commitments to attract long-term investments to Kazakhstan’s infrastructure development.
This partnership with the Islamic Development Bank signifies a significant step towards enhancing Kazakhstan’s infrastructure and economic development, providing better transportation networks and water management systems for the country. With a focus on sustainable growth and long-term benefits, this agreement sets the stage for continued progress and prosperity in Kazakhstan.
