ASTANA, Kazakhstan, December 3. Kazakhstan and the World Bank are jointly implementing five major projects with a total budget of $3.5 billion in the areas of water resources, transportation, and education, Trend reports.
At the One Water Summit, President of Kazakhstan Kassym-Jomart Tokayev met with the President of the World Bank Group, Ajay Banga. Tokayev emphasized the importance of Kazakhstan’s strategic partnership with the World Bank.
During negotiations, the president also welcomed the World Bank's financing of a $650 million project in Kazakhstan under the Transport Resilience and Connectivity Enhancement (TRACE) program.
This context underscored the strategic role of investments in the Middle Corridor's development, specifically in the repair of the Zhezkazgan-Karaganda highway. For his part, Ajay Banga praised the level of cooperation between the World Bank and Kazakhstan and confirmed the willingness to further increase cooperation. Ajay Banga specifically expressed interest in implementing large joint projects in various sectors of the economy.
To enhance dialogue and define long-term prospects for joint
activities, Kassym-Jomart Tokayev invited the head of the World
Bank to visit Kazakhstan.
The 28th meeting of the Council of Ministers of the Economic
Cooperation Organization (ECO) is taking place in the city of
Mashhad, Iran. Foreign ministers and officials from the ECO member
countries—Türkiye, Kyrgyzstan, Uzbekistan, Turkmenistan, Pakistan,
Tajikistan, and Iran—attend the event alongside Kazakhstan.
The World Bank (also known as the World Bank Group) is an international financial organization headquartered in Washington, D.C. It provides loans, interest-free credits, and grants to governments of low- and middle-income countries to finance capital projects. Currently, the World Bank essentially refers to two organizations: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).