The Islamic Development Bank (IsDB) plans to provide grants and financing for water management projects in Kazakhstan, reports infohub.kz.
Deputy Prime Minister and Minister of National Economy of Kazakhstan Nurlan Baibazarov is on a working visit to Saudi Arabia, where the annual meeting of the Islamic Development Bank (IsDB) is being held.
As Kazakhstan's governor, Baibazarov held talks with IsDB Group President Muhammad Al-Jasser and Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) CEO Osama Kaissi.
The Islamic Development Bank, with AAA ratings, is one of the most active multilateral development banks globally and a leader in Islamic finance, fostering social and economic progress in member countries.
The central topic of the meeting with Al-Jasser was financing projects to modernize Kazakhstan's water infrastructure. Due to unprecedented floods this year, this area is a government priority.
To preserve the country's water resources and ensure safety, a series of urgent measures are planned, including construction and reconstruction of reservoirs, hydraulic structures, and irrigation systems, as well as digitalization and adoption of water-saving technologies.
Following the talks, an agreement was reached on large-scale investments by the IsDB Group in Kazakhstan's water projects, as well as grants for preparing technical documentation. The first tranches will arrive this year.
During talks with ICIEC, cooperation agreements were reached on reinsurance, insurance, and guarantees with Baiterek holding organizations — export credit agency KazakhExport and the Development Bank of Kazakhstan. The companies are interested in joint projects in transport infrastructure, trade finance, and investment insurance.
Kazakhstan has been a member of the Islamic Development Bank since 1995. Since then, 67 projects worth about $1.8 billion have been implemented in the country with IsDB Group participation.