Islamic Development Bank (IsDB) will invest $ 1 billion into the Kazakhstan’s economy in 2012-2014. Respective partnership strategy was signed October 2, 2012 in Astana, KazTag Agency reports.

“The new strategy enables to (…) channel sizeable investments into transport, power industry infrastructure, agriculture, science, regional cooperation projects”, the country’s Minister of Industry and New Technology Asset Issekeshev said before the signing ceremony.

According to the ministry’s press-release, as of the beginning of October the Bank invested into the Kazakh economy a total of $987 million. Cooperation with the Bank dates back to November 30, 1995.

“Further cooperation with the Bank is of great interest to Kazakhstan. Kazakhstan was the first CIS nation to develop a partnership program with the Bank (…) the current industrial programs in Kazakhstan offer wide opportunities for bilateral cooperation”, President Nazarbayev said following his talks with the Bank’s President Ahmad Mohamed Ali Al-Madani.

“The partnership program will strengthen cooperation between Kazakhstan and the Bank and deepen interaction of Kazakhstan and Organization of Islamic Cooperation member states, notably in power industry and construction of motor and rail ways”, Ahmad Mohamed Ali Al-Madani said in his turn.

The Islamic Development Bank (IsDB) is a multilateral development financing institution located in Jeddah, Saudi Arabia. It was founded in 1973 by the Finance Ministers at the first Organisation of the Islamic Conference (now called the Organisation of Islamic Cooperation).

The bank officially began its activities on 20 October 1975, inspired by King Faisal. There are 56 shareholding member states.