Vienna, Austria, 25 June 2024 – A framework program agreement has been signed in Vienna, the Austrian Capital, between Deputy Prime Minister and Minister of National Economy of Kazakhstan, H.E. Mr. Nurlan Baibazarov, and Islamic Development Bank (IsDB) President, H.E. Dr. Muhammad Al Jasser. 

The agreement, signed on the sidelines of the 19th Meeting of Heads of Institutions of the Arab Coordination Group (ACG) as well as the OPEC Fund for Development Forum, aims to solidify partnerships that accelerate the advancement of Kazakhstan’s economy and enhance the competitive ability in supporting its development strategy.    

As per the agreement, IsDB will work with the Government of Kazakhstan to support hard infrastructure development, project preparation, policy and strategy development, capacity building initiatives and sector development programs in the identified sectors in line with the national 2050 development strategy and other mid-term programs.    

Earlier, the two sides reviewed the ongoing progress in their development cooperation since 1996 when the country joined IsDB. Since then, IsDB Group has approved a total of US$1.64 billion in financing for various projects in the country 14 of which are still active. 

Among the main issues discussed by the H.E. Mr. Nurlan Baibazarov and H.E. Dr. Muhammad Al Jasser were possible financing of new mega projects in water resources management and irrigation, transport infrastructure, as well as further involvement in private sector development.  

The IsDB President is expected to visit Kazakhstan in September 2024 to attend the ACG Roundtable in Almaty.