Kazakhstan, World Bank to cooperate in green research and Islamic finance

ASTANA (TCA) — Kazakhstan’s sovereign wealth fund Samruk-Kazyna JSC and the World Bank on September 6 signed a Preliminary Agreement of Cooperation for joint socio-economic analytical work on green development. The signing took place within the 9th Annual Meeting of the International Forum of Sovereign Wealth Funds (IFSWF) in Astana, Samruk-Kazyna said.

“This is an important event as it marks the first Preliminary Agreement of Cooperation between the Sovereign Wealth Fund Samruk Kazyna and the World Bank. Sustainable development and active investment are strategic directions of the Fund’s activities. Research work in the field of green economy will allow us to stimulate projects on the use of renewable energy, and in the field of Islamic finance to help Kazakh companies expand the investment tools,” said Umirzak Shukeyev, CEO of Samruk-Kazyna JSC at the signing ceremony.

The two organizations intend to collaborate in carrying out research on key green projects in Kazakhstan and Central Asia region. In addition, the sides plan to jointly engage in research work on Islamic Finance to explore opportunities and challenges of this niche market segment in Kazakhstan and the CIS region.

“The world cannot resort to ‘business as usual’ anymore. Green development today is about working on challenges of environmental implication of social and economic development. The World Bank Group will use its global experience and recommendations under the Joint Economic Research Studies in Kazakhstan as well as ongoing projects to help Samruk Kazyna support implementation of the Kazakhstan’s Green Economy Concept and Action Plan,” said Francis Ato Brown, World Bank Country Manager for Kazakhstan.

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Times of Central Asia