ASTANA, Kazakhstan, September 5. Arab Coordination Group (ACG) intends to invest $7 billion in Kazakhstan, Trend reports.
The relevant investment agreements were reached at a meeting of the ACG round table, which unites such institutions as the Islamic Development Bank, the Saudi Fund for Development, the OPEC Fund for International Development, the Kuwait Fund for Economic Development, and the Abu Dhabi Fund for Development, in Astana.
The parties signed the Protocol of the Round Table Meeting, the Framework Agreement on Private Sector Operations between Kazakhstan and the OPEC Fund, and the Protocol of Negotiations between the Ministry of Water Resources and Irrigation and the Islamic Development Bank after the meeting. The signed documents outline future collaboration and project ideas.
Long-term direct investment in Kazakhstan's economy may start at $7 billion under the agreements, where further growth in funding is also planned.
Deputy Prime Minister, Minister of National Economy of Kazakhstan Nurlan Baibazarov expressed gratitude to the ACG for its interest in the investment opportunities of Kazakhstan.
"Today we are taking the first joint step towards strong and long-term cooperation by holding the first round table meeting of the Arab Coordination Group in Kazakhstan. Your support and willingness to cooperate are an important recognition of our country's potential for us," he noted.
To note, the volume of investments in fixed capital in Kazakhstan amounted to 8.3 trillion tenge (about $17.2 billion) from January through July 2024.
The main share of investments in fixed capital from January through July 2024 falls on industry (40.8 percent), including mining and quarrying (22.3 percent), the manufacturing industry (9.8 percent), real estate transactions (20.4 percent), transport and warehousing (17.4 percent), and agriculture, forestry, and fisheries (4.9 percent).