Arab Coordination Group mulls $7bn of funds to finance projects in Kazakhstan

The round-table meeting of the Arab Coordination Group took place in the Kazakh capital of Astana, Kazinform News Agency correspondent reports.

Today, we’re making the first joint step toward a strong and long-term cooperation by holding the first round-table meeting of the Arab Coordination Group in Kazakhstan. Your support and readiness for cooperation are a significant recognition of the potential of our country, said Deputy Prime Minister, Minister of National Economy of Kazakhstan Nurlan Baibazarov, expressing gratitude to the Arab Coordination Group for the interest in investment opportunities of the country.

During the event, projects in the field of transport, energy, water resources, healthcare as well as the 2030 National Infrastructure Plan of Kazakhstan were presented.

For their part, the representatives of the Arab Coordination Group delegations commended the country’s efforts on social and economic and infrastructure development.

Following the meeting, the sides signed the Protocol of the round-table meeting, the framework agreement on operations in the private sector between the Kazakh Government and the OPEC Fund, the Protocol of negotiations between the Kazakh Water Resources and Irrigation Ministry and the Islamic Development Bank. The documents signed are set to define the areas of further cooperation and the list of promising projects.

Under the agreements reached, the amount of long-term direct investments in the Kazakh economy may reach seven billion US dollars at the early stage, set to be increased in the future.