The World Bank Backs Kazakhstan's Recovery Efforts
During the World Bank Spring Meetings in Washington, Vice-President for the Europe and Central Asia Region Antonella Bassani announced the World Bank's commitment to aiding Kazakhstan with a $600 million Development Policy Loan to bolster recovery efforts following severe flooding. This update was reported by the World Bank Kazakhstan’s press service on April 23.
Antonella Bassani also mentioned that the World Bank is prepared to assist Kazakhstan with the Global Rapid Post-Disaster Damage Estimation approach.
Initially approved by the World Bank’s Board of Executive Directors on April 14, the loan represents the first phase of a series of reforms aimed at fostering Kazakhstan’s sustainable and inclusive economic growth. Its final approval is pending Parliamentary authorization.
During discussions with the Kazakh delegation led by National Bank Governor Timur Suleimenov, Bassani commended Kazakhstan on the successful launch of the Digital Tenge, a significant milestone in its digital transformation journey. She pledged support for these initiatives through the Joint Economic Research Program.
The collaboration between the World Bank and Kazakhstan is deepening as both sides explore new avenues for cooperation, including initiatives like the Middle Trade and Transport Corridor and advancements in the energy sector.
Bassani also confirmed that World Bank Group President Ajay Banga will co-chair the One Water Summit alongside President Kassym-Jomart Tokayev and the United Nations Secretary-General in New York this September.
