Water projects in Kazakhstan to be financed by Islamic Development Bank

Water projects in Kazakhstan to be financed by Islamic Development Bank
Photo credit: press service of the Kazakh Government

As a member of the Islamic Development Bank within 29 years, Kazakhstan will be allocated grants and financing for realization of water system projects, Kazinform News Agency reports with reference to the Government of Kazakhstan.

These days the annual meeting of the Islamic Development Bank (IDB) is held in Saudi Arabia. Nurlan Baibazarov, Deputy Prime Minister and Minister of National Economy, is paying a working visit to the meeting of the IDB which is one of the world's most active multilateral development banks and a leader in Islamic finance.

Nurlan Baibazarov met with President of the IDB Group Muhammad Al Jasser. They discussed financing of modernization projects of Kazakhstan water infrastructure. This issue is a priority one for the country due to the unprecedented floods this year.

Thus, implementation of urgent measures on construction and reconstruction of reservoirs, hydra technical structures, irrigation systems, digitalization and introduction of water-saving technologies are essential for preserving water-resource potential and ensure security in Kazakhstan.

The negotiations have resulted in an agreement of direct large-scale investments by the IDB group in the water sector projects in Kazakhstan. Grants for the preparation of relevant technical documentation will be also allocated. Moreover, the first tranches will be realized this year.

Also, the Minister of National Economy had a meeting with Oussama Kaissi, CEO of the Islamic Corporation for Investment and Export Credit Insurance (ICIEC). It has been negotiated with ICIEC on the cooperation on reinsurance, insurance and guarantee with the organizations of Baiterek holding - export credit agency KazakhExport and Development Bank of Kazakhstan. The companies are interested in realization of joint projects with ICIEC in the field of transport infrastructure, trade finance and investment insurance.

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