Kazakhstan Bolsters Ties with Islamic Development Bank, OPEC Fund, and Arab Coordination Group
President Kassym-Jomart Tokayev of Kazakhstan recently held discussions with key leaders from the Islamic Development Bank (IsDB), the Organization of the Petroleum Exporting Countries (OPEC) Fund for International Development, and the Arab Coordination Group to enhance cooperation between Kazakhstan and these organizations.
During the meeting with IsDB President Muhammad Sulaiman Al Jasser, President Tokayev emphasized the bank’s role as a valuable partner in Kazakhstan’s pursuit of sustainable development. Over 70 joint projects have been carried out with a total value of around $2 billion. The Strategic Framework Agreement with the IsDB was also updated to provide additional financial support for important infrastructure and industrial projects, demonstrating the bank’s commitment to Kazakhstan’s economic diversification.
President Tokayev also met with Abdulhamid Alkhalifa, Director-General of the OPEC Fund for International Development, to discuss Kazakhstan’s strategic partnerships with the Middle East and North Africa. Plans were outlined to finance key sectors in Kazakhstan such as the gas chemical industry, transport, water resources management, and healthcare.
Additionally, the President engaged with the Arab Coordination Group, highlighting the strong political, economic, and trade relations between Kazakhstan and Gulf countries. Kazakhstan aims to attract $150 billion in foreign direct investment by 2029 as part of a new investment cycle, and potential joint projects were discussed in priority sectors of Kazakhstan’s economy.
Overall, the meetings reflected a commitment to strengthening cooperation and fostering partnerships for the benefit of Kazakhstan’s economic growth and development.
