The parties signed the corresponding agreement at the UN Climate Change Conference (COP29), which is taking place in Baku. Deputy Prime Minister – Minister of National Economy Nurlan Baybazarov noted that this is the largest project financed by the Islamic Bank in its entire history.
“In addition, the Islamic Development Bank (IDB) will allocate a non-repayable grant of $3.5 million for the development of the water sector in Kazakhstan. The IDB will also participate in the implementation of the project “Development of Climate-Resilient Water Resources” developed by the Ministry of Water Resources and Irrigation,” the government press service said in a statement .
The first stage of the funded project envisages the construction of four new and reconstruction of four existing reservoirs, reconstruction and major repairs of 115 canals, including a project to feed the Astana reservoir . Construction work will take place in Akmola, Almaty, Zhambyl, Kyzylorda, Turkestan, West Kazakhstan, Zhetysu regions and in the city of Astana.
Among other things, it is planned to provide technical equipment to the Republican State Enterprise “Kazvodkhoz” and to build an automation center to improve water resources management.
“The head of state has repeatedly emphasized the importance of attracting investment in the water sector. We are faced with the task of modernizing and adapting water infrastructure to ongoing climate change. Financing by such an authoritative institution as the Islamic Development Bank demonstrates the high level of trust in our country, the investment policy we have built, and the socio-economic reforms we are implementing,” noted Nurlan Baibazarov.
On November 12, 2024, Kassym-Jomart Tokayev received the President of the Islamic Development Bank Mohammed Suleiman Al-Jasser in Baku on the sidelines of the COP29 summit. Following the talks, a signed document was exchanged. The agreement amounts to $1.153 billion, including a grant of $3.5 million. This project is the largest in terms of financing in the 51-year history of the bank.
https://www.zakon.kz/ekonomika-biznes/6456138-na-chto-potratit-kazakhstan-milliard-dollarov-ot-islamskogo-banka-razvitiya.html
