Islamic Development Bank Supports Infrastructure Projects in Kazakhstan
Vienna – In a landmark deal signed in Vienna, the Islamic Development Bank (IsDB) has pledged its support for infrastructure projects in Kazakhstan. President Mohammed Sulaiman Al-Jasser sealed the agreement with Kazakhstan’s Deputy Prime Minister and Minister of National Economy Nurlan Baibazarov during the 19th Meeting of Heads of Institutions of the Arab Coordination Group.
The framework agreement aims to bolster Kazakhstan’s competitive edge by backing its growth strategy. Since joining the IsDB in 1995, Kazakhstan has received a total of $1.64 billion in financing for various projects, with 14 still ongoing.
Expanding Partnership for Development
During the meeting, Al-Jasser and Baibazarov explored potential funding for new mega projects in water resources management, irrigation, transport infrastructure, and private sector development. In another significant development, Al-Jasser met with UN World Food Program Executive Director Cindy McCain to discuss strengthening collaborations to address food insecurity.
The partnership between IsDB and the UN World Food Program focuses on initiatives such as the Afghanistan Humanitarian Trust Fund, human capital development, food security, nutrition, agriculture, and rural development.
Enhancing Education and Development Initiatives
In a separate meeting, IsDB President Al-Jasser and Global Partnership for Education CEO Laura Frigenti discussed ways to enhance schooling in lower-income countries. The IsDB, in collaboration with GPE and its partners, manages a portfolio exceeding $500 million to advance the Arab Coordination Group Smart Education Financing Initiative.
The GPE is dedicated to eradicating the global learning crisis by mobilizing resources to strengthen education systems in approximately 90 low-income countries.
Boosting Saudi Non-Oil Exports
On the sidelines of the forum, the Saudi Export-Import Bank and the OPEC Fund for International Development signed a memorandum of understanding to enhance cooperation and promote Saudi non-oil exports in mutual markets. CEO of the Saudi EXIM Bank Saad Al-Khalb emphasized the importance of this collaboration in driving sustainable development initiatives and supporting Saudi non-oil exports.
These efforts align with the goals of Saudi Vision 2030 to diversify the economy and empower local investors.