BAKU, Azerbaijan, November 29. The International Finance Corporation (IFC) acknowledges Kazakhstan's significant potential, and we are thrilled to see the country's sustained economic growth, fuelled by market reforms and international investments, since attaining independence, Ekaterina Benjamin, International Finance Corporation's (IFC) Country Officer for Kazakhstan, told Trend.
"Despite recent slowing growth, income inequality, and weak institutions, IFC believes Kazakhstan can overcome these challenges through measures such as investing in human capital, improving public sector efficiency, and reforming state-owned enterprises. Overall, the IFC is dedicated to assisting Kazakhstan's transition to a resilient private-sector-driven economy and is continually working toward this aim," she said.
IFC, she says, highlights the significance of preparing for climate adaption.
"As the world's largest development institution solely dedicated to assisting the private sector in developing countries, our mission is to work with the country's private sector to create new markets and opportunities for all. In Kazakhstan, IFC's strategy is to promote private-sector-led growth through financial sector support and investments in manufacturing, infrastructure, and services," said IFC's Country Officer.
Ekaterina Benjamin mentioned that financial inclusion is one of the issues the IFC is passionate about.
"We are dedicated to promoting inclusive economic growth by improving financial access for small businesses, including those led by women and located in rural areas. IFC has provided $237 million in financial products to KMF, the country's main microfinance company, over the past several years, as well as expertise in risk management and corporate governance. We've also recently announced investments in other microfinance institutions, including Arnur Credit and Shinhan Finance," she added.
According to her, IFC is also working to realize the enormous potential of Kazakhstan's agro industry.
"For example, Kazakhstan is still Central Asia's largest grain producer, exporting roughly half of all grain produced each year. Notably, the majority of wheat grown in Kazakhstan is of exceptional quality, with durum and spring kinds in particular standing out. KazFoodProducts, a prominent agribusiness company in the region, is one of our recent investments to support the sector," she said.
Ekaterina Benjamin reminded out that the IFC sees possibilities in the logistics sector as well.
"The IFC has provided advisory services for the BAKAD project, one of Central Asia's most significant infrastructure public-private partnership projects. To make this enormous initiative a reality, our specialists assisted in structuring the project, aligning partners, and supporting legislative reforms. IFC has also led a $450 million finance package to support the construction of a new international terminal at Almaty Airport, Central Asia's major air transportation hub. The upgraded airport is expected to be more energy efficient, produce less waste, and emit fewer greenhouse gases," stated IFC's Country Officer.