Kazakhstan and the Islamic Development Bank are expanding their strategic partnership

Deputy Prime Minister and Minister of National Economy of the Republic of Kazakhstan Serik Zhumangarin met with the President of the Islamic Development Bank, Dr. Mohammed Al-Jasser.

Welcoming the head of the Islamic Development Bank, Serik Zhumangarin noted his personal contribution to developing the partnership with Kazakhstan and emphasized that the visit confirms the strategic nature of the cooperation between our country and the Islamic Development Bank.

"Over the past three years, our financial cooperation has reached a qualitatively new level. In 2024, we began implementing a large-scale program for the construction and reconstruction of water management infrastructure facilities with an investment volume of $1.1 billion. Since February of this year, we have begun implementing a Framework Agreement to attract $1.3 billion for the development of infrastructure in special economic and industrial zones. Furthermore, financing for the Kyzylorda-Saksaulsk and Kyzylorda Bypass transport projects is being discussed," the Deputy Prime Minister noted.

A new Partnership Strategy for 2027–2032 is currently being developed jointly with the Islamic Development Bank, which will define priority areas for further cooperation with Kazakhstan.

IDB President Mohammed Al-Jasser emphasized that the potential for collaboration is significantly broader than the projects already underway.

"Over the years of collaboration, our specialists have built effective collaboration, which allows us to expand our project portfolio. The Islamic Development Bank is flexible enough to find solutions to many issues facing member countries. At the same time, we pay special attention to developing national capabilities, leveraging national systems for project preparation and implementation. When a country is able to implement projects primarily on its own, this demonstrates the maturity of its institutions and sustainable development. I am confident that together with Kazakhstan, we can achieve significantly more," he noted.

Dr. Al-Jasser also emphasized that the Islamic Development Bank is not only a financial institution but also an integrated group operating on a one-stop-shop principle. Through its specialized structures, the group provides comprehensive project support, combining long-term project financing, insurance, and trade finance instruments.

During the meeting, Serik Zhumangarin proposed exploring the possibility of opening an additional IDB office in Astana. He noted that the existing regional hub in Almaty is successfully fulfilling its functions, but significantly expanding cooperation requires closer collaboration with central government agencies, including on the development of Islamic finance mechanisms.

"We expect that the Islamic Development Bank's extensive expertise will enable us to continue to jointly implement projects aimed at developing infrastructure, improving food security, effectively managing water and other natural resources, and implementing modern and green technologies," the Deputy Prime Minister emphasized.

Following the meeting, signed copies of the Forward Leasing Agreement for the Development of Infrastructure in Special Economic and Industrial Zones were exchanged.

For reference: Kazakhstan has been a member of the Islamic Development Bank since 1995. The IDB Regional Office in Almaty, opened in 1997, coordinates the Bank's activities in Eastern Europe, the CIS, Mongolia, and China.

During the period of cooperation from 1997 to 2026, the volume of project financing and technical assistance from the IDB in Kazakhstan exceeded $4.2 billion.

Currently, joint projects are being implemented in the water, transport, and industrial sectors, and a new Partnership Strategy between Kazakhstan and the IDB for 2027–2032 is being developed.