ASTANA, Kazakhstan, April 29. Members of the Islamic Development Bank group and large investment funds from Gulf countries are interested in participating in projects to modernize the infrastructure of Kazakhstan, said Deputy Prime Minister and Minister of National Economy Nurlan Baibazarov, Trend reports.
He made the remark during a meeting with representatives of large investment funds and companies from Gulf countries in Saudi Arabia.
"We see the interest of members of the Islamic Development Bank group and large investment funds in the region in implementing projects in those sectors of the economy that are priorities for us. First of all, these are projects from the National Infrastructure Plan, developed on behalf of the President of Kazakhstan, as well as industrial, energy, and agro-industrial projects," he said.
Thus, the funds and companies that took part in the meeting are interested in long-term preferential loans, direct investments in projects, Islamic and corporate financing, grants and technical support for the preparation of projects, and advanced training of Kazakh specialists.
The meeting was attended by representatives of the Saudi Fund for Development (SFD), the OPEC Fund for International Development (OFID), the Kuwait Fund for Arab Economic Development (KFAED), the Abu Dhabi Fund for Development (ADFD), the Islamic Corporation for the Development of the Private Sector (ICD), etc.
Earlier, during a meeting between Deputy Prime Minister and Minister of National Economy Nurlan Baibazarov and Chairman of the IsDB Group Muhammad Sulaiman Al Jasser, an agreement was reached on large-scale investments by the IsDB in water industry projects in Kazakhstan.
Also, according to the agreement, the IsDB group will provide grants for the preparation of relevant technical documentation. The first tranches will be implemented this year.
Meanwhile, Kazakhstan joined the IsDB on November 30, 1995. Its share of the total subscribed capital of IsDB is ID 54.0 million, with a paid-up capital of ID 6.0 million. It is also a member of the ICD and the ICIEC.
The Islamic Development Bank has approved financing for 69 projects worth more than $1.6 billion in Kazakhstan since the beginning of cooperation. Of these projects, 56 have already been completed, and 13 are still ongoing.