ASTANA, Kazakhstan. June 8. Kazakhstan and the International Financial Corporation (IFC) have discussed attracting foreign direct investment and implementing large infrastructure projects, Trend reports.
Discussions took place during a meeting between Deputy Prime Minister and Minister of National Economy of Kazakhstan Nurlan Baibazarov and IFC's Vice President of Cross-Cutting Solutions Emmanuel Nyirinkindi in Astana.
The meeting's agenda items included public-private partnerships as a means of executing massive infrastructure projects and luring foreign direct investment.
Baybazarov noted that projects implemented in cooperation with the IFC play a key role in supporting sustainable development and economic growth in the country. One of these projects is the Big Almaty Ring Road (BAKAD) and the modernization of the new terminal of the Almaty International Airport.
According to the Deputy PM, Kazakhstan welcomes the IFC initiative to provide assistance in structuring public-private partnership projects in the fields of energy, transport, housing, and communal services, as well as for the construction of gas thermal power plants, wind farms, and wastewater treatment plants.
"Over the years of partnership, we have been able to build mutually beneficial cooperation covering a wide range of economic issues, which we intend to further develop. In particular, we are interested in the possibility of training and certification of our specialists with international IFC certificates in the field of infrastructure projects and the creation of special funds," he said.
In turn, Emmanuel Nyirinkindi pointed out that the IFC notes Kazakhstan's long-term potential and will continue to support its priority development areas. The IFC representative also expressed readiness to provide international experience and resources to assist in the successful implementation of ambitious public-private partnership projects for the purpose of sustainable and inclusive growth in the country.
The International Finance Corporation (IFC) has been increasing its efforts to help women-led businesses in Central Asia gain access to capital and markets. Notably, fifteen regional banks have received $155 million in investments from the IFC since 2018.
In fiscal 2023, IFC made a record investment in emerging markets, which are expected to improve access to finance for MSMEs through the provision of 2.2 million loans.