Islamic Development Bank Pledges up to $2 Billion for Infrastructure Projects in Kazakhstan

On June 27, Deputy Prime Minister-Minister of National Economy of Kazakhstan Nurlan Baybazarov signed a Framework Program Agreement between the Government of Kazakhstan and the Islamic Development Bank (IsDB). As reported by the Kazakh Ministry of National Economy, the agreement consolidated previously reached agreements on attracting long-term investments to implement infrastructure projects concerning Kazakhstan’s water management and transport sectors this year. The Islamic Development Bank will allocate up to $2 billion towards the above. The Kazakh Ministry of Water Resources and Irrigation has earmarked 16 projects for funding in 2024 including the construction and reconstruction of reservoirs, dams, irrigation canals, and associated infrastructures. The Ministry of Transport proposed four projects related to the reconstruction and construction of 500km of major highways.