Expansion of Cooperation with the European Investment Bank Discussed in Luxembourg

Luxembourg, September 12, 2024 – Kazakhstan's Permanent Representative to the European Union, Margulan Baimukhan, held a meeting with European Investment Bank (EIB) Vice-President Kyriacos Kakouris.

During the meeting, the parties discussed key areas of Kazakhstan-European cooperation, including investment projects and initiatives aimed at promoting the socio-economic development of Kazakhstan. Particular attention was given to co-financing projects focused on infrastructure modernization and improving water security.

Margulan Baimukhan specifically emphasized the growing role of the Trans-Caspian International Transport Route in enhancing trade relations and establishing business contacts between Europe and Asia. Additionally, Kazakhstan expressed interest in expanding cooperation in the field of the green economy and technologies.

The Kazakh diplomat also informed his counterpart about the main priorities outlined in the Address of the President of the Republic of Kazakhstan, Kassym-Jomart Tokayev, on September 2 of this year. It was highlighted that the Kazakh leadership's commitment to continuing political, economic, and social reforms aimed at improving the well-being of the country's citizens.

For reference: The European Investment Bank (EIB) is the largest multilateral borrower and lender in the world, playing a key role in financing sustainable development projects. In 2023, EIB's investment volume reached €95 billion, while the bank's total asset portfolio grew to €600 billion. The bank operates in more than 160 countries, supporting projects in the fields of infrastructure, innovation, water security, and energy.

The EIB also places significant emphasis on addressing climate challenges. In 2022, the bank invested €217 billion in projects aimed at improving sanitation, ensuring access to drinking water, and reducing flood risks for over 254 million people. Today, the bank employs more than 3,500 staff across 50 offices worldwide, including its headquarters in Luxembourg.

The EIB serves as a catalyst for attracting both private and public investments directed towards achieving the UN Sustainable Development Goals by 2030. In 2021, the bank launched the EIB Global division, which focuses on expanding activities beyond the European Union.