BAKU, Azerbaijan, September 9. Abu Dhabi Commercial Bank (ADCB) Kazakhstan plans to triple the volume of financing for projects in Kazakhstan over the next 18 months, from the current 2.5 trillion tenge ($5.5 billion), Chairman of the Board Farooq Abdulrahman Al Marzooqi said.
According to the Kazakh government, he made the remarks during a meeting with Kazakh Prime Minister Olzhas Bektenov.
“The meeting focused on further expanding ADCB Group’s participation in the implementation of projects important for Kazakhstan, with the development of the real sector of the economy and modernization of digital infrastructure identified among the priority areas of cooperation,” the government’s press service said.
Bektenov noted the contribution of the UAE to the development of Kazakhstan’s economy. Over the past 20 years, the volume of UAE investments in Kazakhstan has exceeded $7 billion, of which around $3 billion has been invested over the past 2.5 years.
He noted that ADCB Group’s participation in attracting investors from the UAE and other Middle Eastern countries would help expand and diversify external financing sources for projects in Kazakhstan.
The parties discussed further expansion of ADCB Group’s participation in projects of importance to Kazakhstan. Priority areas included the development of the real sector of the economy and modernization of digital infrastructure.
The meeting also highlighted the importance of Kazakhstan’s large-scale economic and institutional reforms, which are contributing to the country’s investment attractiveness. A new investment cycle has been launched on the instructions of President Kassym-Jomart Tokayev, along with a proactive approach to attracting investors.
In turn, Al Marzooqi highlighted the productive cooperation with Kazakhstan in financing projects in the energy and railway infrastructure sectors, as well as implementing agreements in petrochemicals, transport and logistics. Over the past 15 years, ADCB Kazakhstan has provided financial support to more than 100 business initiatives, with small and medium-sized businesses accounting for 90% of them.
The parties confirmed their interest in further developing mutually beneficial cooperation.
The currency conversion is made by Trend and based on the official exchange rate of 1 USD = 454.46 tenge as of September 9.
