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IDB investments to Kazakhstan stand at $500 million

16 january 2014, 16:43
0
The Islamic Development Bank (IDB) has invested $500 million [out of $1.2 billion within the partnership program for 2012-2014] into the Kazakhstan’s economy, the bank’s reps announced at the High Level Group Regional Forum in Almaty.

According to the Board member Erlan Baidaulet, the country partnership strategy for 2012-2014 is worth $1.2 billion. “$500 million out of the amount has been already invested”, he elaborated.

According to him, this year the Bank is to activate its operations involving the private sector. Besides, the Bank will be expanding project financing and seeking new deals. The speaker elaborated that no specific projects had been defined so far.

In his turn, Asset Issekeshev, the country’s Minister of Industry and New Technology, emphasized that for the last two years the Bank had been primarily financing state-run projects in Kazakhstan. “When signing the partnership program two years ago, we placed an emphasis on financing the private sector. The current deals are related to trade financing and grain trade. New projects of small and middle-sized businesses are also emerging”, Mr. Issekeshev said.

IDB in partnership with the state-run Baiterek holding company has established the Central Asian Renewable Energy Fund. According to Mr. Issekeshev, the Fund is to start financing respective projects as early as in 2014.

“Newly established leasing companies will be financing projects run by small and middle-sized businesses (…) a lot depends on entrepreneurs offering respective projects”, he said.

The Islamic Development Bank is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in Dhul Q'adah 1393H, corresponding to December 1973. The purpose of the Bank is to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Shari'ah i.e., Islamic Law. The present membership of the Bank consists of 56 countries. The basic condition for membership is that the prospective member country should be a member of the Organisation of Islamic Cooperation (OIC), pay its contribution to the capital of the Bank and be willing to accept such terms and conditions as may be decided upon by the IDB Board of Governors.

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