ASTANA, Kazakhstan, July 11. Kazakhstan and the Islamic Development Bank agree on cooperation worth up to $1.1 billion, Trend reports via Kazakh Invest.
According to the information, Kazakhstan and the Islamic
Development Bank (IsDB) signed a Protocol of Intent providing for
financing of up to $1.1 billion for the implementation of priority
infrastructure projects.
The document was signed following a meeting between Advisor to the
Prime Minister of Kazakhstan Nurlan Baibazarov and President of the
Islamic Development Bank Dr. Muhammad Sulaiman Al Jasser. The
meeting focused on expanding cooperation, particularly in the
development of engineering and transport infrastructure within
special economic and industrial zones.
The implementation of the agreements is expected to attract over 1.6 trillion tenge (approximately $3.04 billion) in investments into the Kazakh economy and create more than 16,000 jobs, accelerating industrialization and economic diversification processes.
This collaboration is in accordance with the strategic alliance
delineated in the Framework Program Agreement executed by
Kazakhstan and IsDB in June 2024. In accordance with this accord,
the stakeholders have pledged to initiate collaborative investment
ventures exceeding the valuation of $8 billion.
Furthermore, the initial phase encompassed the capital infusion for
a sustainable hydrological resource enhancement initiative, which
entailed the most substantial loan in IsDB's historical financial
portfolio—$1.15 billion. The capital is being earmarked for the
development and upgrading of water storage systems and irrigation
infrastructure to bolster Kazakhstan’s hydrological and ecological
resilience.
Subsequent initiatives were delineated to galvanize Islamic capital
influx, leveraging the engagement of domestic development
entities.
The Islamic Development Bank (IsDB) is an international financial institution that was established in 1973 to promote economic development and improve the standard of living in its member countries, which are mostly located in the Muslim world. The bank is based in Jeddah, Saudi Arabia, and its mission is to foster socio-economic development in countries that are members of the Organisation of Islamic Cooperation (OIC), providing financing for various development projects.
