The Islamic Development Bank is planning to provide financing for water projects in Kazakhstan
Kazakh Deputy Prime Minister and National Economy Minister Nurlan Baibazarov and IDB Group Chair Muhammad Al Jasser in Saudi Arabia reached an agreement on April 29, as reported by the Prime Minister’s press service. The Islamic Development Bank (IDB) will offer grants and financing for the implementation of water projects in Kazakhstan.
During a meeting with the CEO of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Oussama Kaissi, both parties agreed to collaborate on reinsurance, insurance, and guarantee with organizations under the Baiterek National Management Holding. There is mutual interest in implementing joint projects with ICIEC in areas such as transport infrastructure, trade finance, and investment insurance.
Since Kazakhstan's accession to the Islamic Development Bank (IDB) in 1995, the country has received nearly $1.8 billion to finance 67 projects.
As part of his working trip, Baibazarov also engaged with representatives from major investment funds and companies in the Persian Gulf countries.
“We see the interest of the IDB members and large investment funds in implementing projects in priority sectors of the Kazakh economy. These are projects included in the National Infrastructure Plan, as well as industrial, energy and agro-industrial projects,” noted Baibazarov, focusing on long-term preferential loans, direct investments in projects, Islamic and corporate financing, grants and technical support for the preparation of projects and advanced training of Kazakh specialists.(Source:astanatimes)
