ASTANA (TCA) — Asian Development Bank (ADB) Vice-President Wencai Zhang ended his 4-day visit to Kazakhstan on May 26. During his trip, he held talks with senior government officials, participated in the 9th Astana Economic Forum, and visited small- and medium-sized enterprises (SMEs) supported by ADB.
Mr. Zhang, who is responsible for ADB’s operations in Central, West, and South Asia, had meetings with Prime Minister Karim Masimov; Minister of National Economy, Kuandyk Bishimbayev; Minister of Finance, Bakhyt Sultanov; and Minister of Investments and Development, Asset Issekeshev. Mr. Zhang discussed a new partnership strategy (2017-2021) with the Government of Kazakhstan, including funding of priority investment projects, provision of advisory services, promotion of public-private partnership and private sector operations, as well as enhancement of regional cooperation and integration. Mr. Zhang reiterated ADB’s continuous support to achieving the country’s development priorities.
“Policy reforms to strengthen the financial sector and improve the business environment are important initiatives to promote economic diversification and growth,” said Mr. Zhang during a discussion at the Astana Economic Forum. When explaining ADB operations in Kazakhstan, he mentioned that over 1,500 enterprises have already received loans in national currency under ADB’s SME support program, creating more than 3,500 jobs.
ADB’s ongoing operations in Kazakhstan include support for transport infrastructure, public sector lending to SMEs, and a program to facilitate the sharing of knowledge and best international practices on economic development. ADB is also working with the government and other development partners to promote cross-border links as part of the Central Asia Regional Economic Cooperation (CAREC) Program.
The CAREC Program, covering ten countries across the region, was established in 2001 and has supported investment projects for $27 billion, including infrastructure development and trade facilitation. Under this Program, Kazakhstan and Kyrgyz Republic have recently launched the Almaty-Bishkek Corridor Initiative, with the aim of transforming infrastructure projects for physical connectivity into full economic development corridors, allowing the two countries to tap into their respective competitive strengths for boosting economic growth.
