Deputy Prime Minister and Minister of National Economy of Kazakhstan, Nurlan Baibazarov, embarked on a mission to Saudi Arabia, attending the annual meeting of the Islamic Development Bank (IsDB). Amidst the deliberations, the IsDB pledged substantial grants and financing to bolster water-related projects in Kazakhstan.
Baibazarov, representing Kazakhstan, engaged in discussions with IsDB Group President Muhammad Al-Jasser and Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) CEO, Oussama Kaissi.
Renowned as one of the world's most proactive multilateral development banks, the IsDB holds a premier position in Islamic finance. Sporting AAA ratings, the bank is committed to fostering social and economic development across its member countries.
A focal point of the meeting with Al-Jasser was centered on financing endeavors aimed at modernizing Kazakhstan's water infrastructure. This initiative holds paramount significance, particularly in light of the unprecedented floods that have plagued the nation this year, marking it as a top priority for the government.
To safeguard the country's water resources and ensure long-term security, urgent measures are slated for implementation. These include the construction and refurbishment of reservoirs, hydraulic structures, irrigation systems, and the adoption of digitalization alongside water-saving technologies.
Following extensive negotiations, an agreement was reached, signaling the IsDB's commitment to funnel substantial investments into Kazakhstan's water sector. Furthermore, the bank has earmarked grants for the development of pertinent technical documentation, with the initial disbursements set to materialize within the current year.
Concurrently, discussions with ICIEC culminated in agreements fostering collaboration on reinsurance, insurance, and guarantees with entities under the Baiterek holding umbrella. This collaboration spans a broad spectrum, encompassing joint endeavors in transport infrastructure, trade finance, and investment insurance.
Kazakhstan's membership in the Islamic Development Bank dates back to 1995. Over the ensuing years, the IsDB has played a pivotal role in the country's development landscape, facilitating the execution of 67 projects with a cumulative value of approximately $1.8bn.
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