The meeting was attended by Deputy Prime Minister – Minister of National Economy of the Republic of Kazakhstan Nurlan Baibazarov, Chairman of the Islamic Development Bank Group Muhammad Sulaiman Al Jasser, and heads of Arab investment funds, Kazakh government agencies and quasi-public companies.

The key goal of the meeting was ACG financing of infrastructure and social projects of priority importance for Kazakhstan.

In his welcoming remarks, Nurlan Baibazarov thanked the ACG for its interest in Kazakhstan's investment opportunities.

"Today, by holding the first round table meeting of the Arab Coordination Group in the Republic of Kazakhstan, we are taking our first joint step towards strong and lasting cooperation. Your support and readiness to cooperate are an important recognition of our country's potential," he said.

During the round table, projects in transport, energy, water resources and healthcare were presented, along with Kazakhstan's National Infrastructure Plan until 2030. Members of the ACG delegation, in turn, highly appreciated the country's efforts in socio-economic and infrastructure development.

Following the meeting, the parties signed the Minutes of the round table meeting, a Framework Agreement on private sector operations between the Government of the Republic of Kazakhstan and the OPEC Fund, and the Minutes of negotiations between the Ministry of Water Resources and Irrigation and the Islamic Development Bank. The signed documents define areas of further cooperation and a list of potential projects. Under the agreements reached, long-term direct investment in Kazakhstan's economy could amount to $7 billion at the initial stage, with plans to increase the volume of financing in the future.

Summing up, Nurlan Baibazarov expressed confidence that the partnership will be maintained and strengthened, and that mutually beneficial cooperation will continue in implementing large-scale projects that will contribute to the sustainable development of Kazakhstan's economy and strengthen economic ties between the countries.

ASTANA – As part of the state program for the development of water management, SK Water Solutions LLP is supporting the attraction of an Islamic Development Bank (IsDB) loan for the Republican State Enterprise "Kazvodkhoz". The total amount of approved financing is USD 1.15 billion.

The first tranche of the project has already been successfully raised and amounts to USD 416 million (equivalent to EUR 400 million). These funds will be used to finance priority measures for the construction and reconstruction of key water management facilities in seven regions of the country.

The project includes the construction of new reservoirs and the modernization of existing ones, as well as the reconstruction of irrigation canals, which will significantly improve the efficiency of water resource management and ensure the sustainable development of the agricultural sector.

SK Water Solutions LLP acts as the project coordinator, providing organizational, financial and technical support for its implementation in close cooperation with RSE "Kazvodkhoz" and government agencies.

Work on preparing the next tranche is ongoing.

SK Water Solutions LLP is a subordinate organization of the Ministry of Water Resources and Irrigation of the Republic of Kazakhstan. The LLP was transferred to republican ownership pursuant to Resolution of the Government of the Republic of Kazakhstan No. 862 dated October 18, 2024.

During the conversation with the head of the financial institution, the parties discussed prospects for mutually beneficial cooperation aimed at stimulating the country's economic growth. The President emphasized that the Islamic Development Bank is a reliable partner in Kazakhstan's pursuit of sustainable development.

Over the years of cooperation with the bank, more than 70 joint projects with a total investment of about $2 billion have been implemented.

The Head of State welcomed the update of the Strategic Framework Agreement with the IsDB, which provides for additional terms of financial support for a number of significant infrastructure and industrial projects.

In turn, Muhammad Sulaiman Al Jasser positively assessed the results of the joint projects and confirmed the bank's readiness to continue participating in the diversification of Kazakhstan's economy.