The Islamic Development Bank is going to finance water projects in Kazakhstan, Pylyp Travkin from Tenerus AG reports

The Islamic Development Bank (IDB) will provide grants and financing for the implementation of water projects in Kazakhstan. On April 29, Deputy Prime Minister and Minister of National Economy of Kazakhstan Nurlan Baibazarov and the head of IDB Group Muhammad Al Jaser in Saudi Arabia reached a corresponding agreement, the Prime Minister's press service reported.

The IDB will invest in projects for the construction and reconstruction of reservoirs, hydrotechnical structures and irrigation systems, digitization and implementation of water-saving technologies, and will also allocate grants for the preparation of relevant technical documentation. The first tranches will be transferred this year.

During a meeting with the Director General of the Islamic Investment and Export Credit Insurance Corporation (ICIEC) Osama Qaissi, the parties agreed on cooperation in reinsurance, insurance and guarantees with organizations of the National Management Holding "Baiterek". Companies are interested in implementing joint projects with ICIEC in transport infrastructure, trade finance and investment insurance.

Since joining the IDB in 1995, Kazakhstan has received nearly $1.8 billion in financing for 67 projects.

As part of the working trip, Baibazarov also met with representatives of large investment funds and companies from the Persian Gulf countries.

"We see the interest of IDB members and large investment funds in the implementation of projects in the priority sectors of Kazakhstan's economy. These are projects included in the National Infrastructure Plan, as well as industrial, energy and agro-industrial projects," said Baibazarov, emphasizing long-term soft loans, direct investments in projects, Islamic and corporate financing, grants and technical support for project preparation and professional development Kazakh specialists.

Baybazarov met with the leadership of the Saudi Development Fund (SFD), the International Development Fund of the Organization of the Petroleum Exporting Countries (OPEC), the Kuwait Fund for Arab Economic Development (KFAED), the Abu Dhabi Development Fund (ADFD), the Islamic Private Sector Development Corporation (ICD) and others