The Islamic Development Bank will Provide Grants and Financing for the Water Projects in Kazakhstan

Riyadh, April 27-28, 2024 - H.E. Mr. Nurlan Baybazarov, Deputy Prime Minister and Minister of National Economy of the Republic of Kazakhstan, as the manager from Kazakhstan, held meetings with H.E. Mr. Muhammad Al-Jasser, President of the IDB Group, and Mr. Osama Qaissi, Chief Executive Officer of the Islamic Corporation for Investment and Export Credit Insurance (ICIEC).

Islamic Development Bank is one of the most active multilateral development banks in the world and a leader in Islamic finance. With AAA ratings, the IDB promotes the social and economic development of member countries around the world.

Main topic of the last meeting with H.E. Mr. M.Al-Jasser was financing of projects on modernization of water infrastructure of Kazakhstan, which in connection with unprecedented floods of this year is one of the priority tasks of the Government.

Thus, in order to preserve the country's water-resource potential and ensure security, a number of urgent measures are envisaged for the construction and reconstruction of reservoirs, hydraulic structures and irrigation systems, as well as for digitalization and introduction of water-saving technologies.

As a result of the negotiations, an agreement was reached to direct large-scale investments of the IDB Group into water sector projects in the Republic of Kazakhstan, and allocate grants for the preparation of relevant technical documentation. First tranches will be affected already in the current year.

As part of the negotiations with ICIEC, agreements were reached on cooperation on reinsurance, insurance and guarantee with the organizations of Baiterek Holding - export credit agency KazakhExport and Development Bank of Kazakhstan. Companies are interested in implementing joint projects with ICIEC in the field of transportation infrastructure, trade finance, and investment insurance.

It should be reminded that the Republic of Kazakhstan became a member of the Islamic Development Bank in 1995. During this period, 67 projects totaling about USD 1.8 billion were completed in the republic with the participation of the IDB Group.