IDB to provide up to $2bn to finance infrastructure projects in Kazakhstan

Within the Forum led by the OPEC Fund for International Development, Deputy Prime Minister – Minister of National Economy of Kazakhstan Nurlan Baibazarov held a number of bilateral meetings with Islamic development institutes of the Arab Coordinating Group as well as signed a Framework Treaty between the Kazakh Government and the Islamic Development Bank, Kazinform News Agency reports.

The Treaty cements the agreements reached earlier on attracting long-term investments to commence infrastructure projects in water management and transport this year, for which the Islamic Development Bank is to provide up to 2 billion US dollars.

The Kazakh water resources and irrigation ministry has developed 16 projects for financing for this year, including construction and reconstruction of reservoirs, dams, irrigation channels, counter regulators and related infrastructure. The ministry put forward four projects on reconstruction and construction of republican roads spanning over 500 km.

The Treaty also envisages regular consultations and monitoring of the implementation of joint projects to ensure successful realization and achievement of the objectives set.