Kazakhstan taking measures to boost investments co-op with IFC

Kazakhstan Materials 21 January 2021 14:52 (UTC +04:00)
Kazakhstan taking measures to boost investments co-op with IFC

BAKU, Azerbaijan, Jan. 21

By Nargiz Sadikhova - Trend:

Kazakhstan’s Minister of National Economy Asset Irgaliyev has presented the law on ratification of the agreement between Kazakhstan and the International Finance Corporation on establishment and operation of its offices in Kazakhstan to the country’s parliament, Trend reports citing the ministry.

Presenting the law draft, Irgaliyev noted that the agreement was signed in Nur-Sultan on Jan. 28, 2020, and establishes the main provisions of the activities of the office of the International Finance Corporation, as well as privileges, immunities for employees.

“The International Finance Corporation (IFC) has been operating in Kazakhstan since 1994. During this time, projects for a total amount of more than $1.6 billion were financed, which is 70 percent of the total investment in Central Asian countries. This agreement will contribute to the stable work of the IFC office in Kazakhstan and also for attracting new investments in the country's economy,” the minister said.

He added that the IFC has provided financial support to 77 projects in Kazakhstan, including projects in oil and gas, mining and metallurgical, manufacturing, agriculture, and logistics.

“In the future, the IFC is looking to invest $1.7 billion in Kazakhstan’s economic development. Projects to be supported by IFC will be aimed at the development of infrastructure and agriculture sectors of the country’s economy,” the minister said.


Follow the author on Twitter: @nargiz_sadikh