BAKU, Azerbaijan, July 2. Kazakhstan and the Islamic Development Bank (IsDB) have discussed expanding cooperation on infrastructure projects and a new long-term partnership strategy.
This was announced by Kazakhstan's Ministry of National Economy in a press release following a meeting between Deputy Prime Minister and Minister of National Economy Serik Zhumangarin and IsDB President Muhammad Al Jasser.
"At present, Kazakhstan and the Islamic Development Bank are jointly developing a new Partnership Strategy for 2027-2032, which will define the priority areas of future cooperation," the ministry said.
According to Zhumangarin, financial cooperation between Kazakhstan and the IsDB has reached a new level over the past three years. He noted that a $1.1 billion program to build and modernize water infrastructure began in 2024, while implementation of a $1.3 billion framework agreement for the development of special economic and industrial zones started earlier this year.
The sides also discussed potential financing for the Kyzylorda-Saksaulsk road and the Kyzylorda bypass project, the report says.
During the meeting, Zhumangarin proposed opening an additional IsDB office in Astana to support the further expansion of bilateral cooperation, including in Islamic finance.
The deputy prime minister also expressed Kazakhstan's interest in further cooperation on infrastructure, food security, water resource management, and green technologies.
Following the meeting, the parties exchanged signed copies of a forward lease agreement for infrastructure development in Kazakhstan's special economic and industrial zones, the report says.
Meanwhile, Kazakhstan has been a member of the Islamic Development Bank since 1995, with the bank's regional hub in Almaty serving operations across Eastern Europe, the CIS, Mongolia, and China. Since the start of cooperation, the IsDB has provided more than $4.2 billion in financing and technical assistance for projects in Kazakhstan.
The partnership currently focuses on infrastructure development, including water, transport, and industrial projects. The two sides are also preparing a new cooperation strategy for 2027-2032, which is expected to guide future investment and development priorities.
