A round table meeting of the Arab Coordination Group (ACG) was held in Astana. The group brings together institutions such as the Islamic Development Bank, the Saudi Fund for Development, the OPEC Fund for International Development, the Kuwait Fund for Arab Economic Development and the Abu Dhabi Fund for Development.
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.