Kazakhstan and World Bank Strengthen Strategic Partnership for Sustainable Growth
Deputy Prime Minister and Minister of National Economy Serik Zhumangarin reaffirmed Kazakhstan’s long-standing strategic partnership with the World Bank during a meeting of the Swiss sub-group at the World Bank and IMF.
Zhumangarin highlighted that the partnership has been instrumental in advancing economic reforms over the past three decades and outlined Kazakhstan’s goal to expand its GDP to $450 billion by 2029, targeting annual growth of 5–6%.
Discussions with World Bank Vice President Antonella Bassani focused on deepening cooperation in sectors including the chemical industry, agro-processing, transport, and water infrastructure modernization. The new Partnership Framework Agreement (PFA) will enable Kazakhstan’s quasi-public sector to access World Bank financing once ratified.
The delegation also engaged with representatives of Fitch, Moody’s, and S&P, presenting Kazakhstan’s macroeconomic indicators and structural reform priorities. Zhumangarin emphasized the country’s economic diversification, with the oil sector’s share of GDP falling from 16.5% in 2010 to 8.1% in 2024, and small and medium-sized enterprises now contributing about 40% of GDP.
Foreign investment remains strong, with $10 billion in FDI in the first half of 2025, including $6.3 billion in non-extractive sectors, and fixed-asset investment up 13.5% in January–September. Recent fiscal and tax reforms, including a new Budget Code, aim to reduce oil dependence and stabilize public spending.
Photo credit: freepik
